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Kelley, Fulton & Kaplan West Palm Beach Bankruptcy & Business Attorneys
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West Palm Beach Credit Card Debt Attorney

Overcome High Credit Card Debt with Legal Help

According to an annual study looking at the state of credit and debt in the U.S., the average American household with credit card debt has nearly $7,000 in revolving balances. A separate study by the Federal Reserve found total credit card debt has reached its highest point ever, surpassing $1 trillion. In many cases, people take on more and more credit card debt, believing they can continue to make their monthly payments on time. But what if there’s a sudden injury or illness in the family, or your car breaks down and you can’t get to work, or you’re unexpectedly laid-off, or you or your spouse is unexpectedly laid-off? There are many reasons people rack up substantial credit card debt that they can’t pay off. Our West Palm Beach credit card debt attorneys are here to tell you there are ways to overcome credit card debt—learning about your options is the first step.

Deal with Unmanageable Credit Card Debt through Bankruptcy

The rising cost of living, steep credit card interest rates, and other factors like the high cost of student loan forbearance (pausing payments while interest is still accruing) can make it incredibly difficult to pay off credit card debt. Indeed, Americans paid over $110 billion in credit card interest and fees in 2018, and it’s estimated that we’re on track to pay over $122 billion in interest in 2019 due to Federal Reserve rate increases. So, how does one get out from under crippling credit card debt when the system seems impossible to beat, whether you make your monthly payments or not?

One answer is to look to another system for relief—namely, bankruptcy. Both Chapter 7 and Chapter 13 bankruptcy can wipe out credit card debt, with only a few exceptions. In Chapter 7 bankruptcy, most or all your unsecured debt is discharged. Credit card debt falls into the category of unsecured debt. With Chapter 13 bankruptcy, you repay your creditors through a repayment plan that lasts three to five years. The repayment plan generally provides for payment of only a portion of your unsecured debt, including your credit card debt. Most people who file for Chapter 13 bankruptcy only end up paying a small percentage of their credit card debt, and at the end of the repayment period, the balance is discharged.

Talk to One of Our West Palm Beach Attorneys About Wiping Out Your Credit Card Debt

If you can no longer manage your credit card debt, get proactive about the situation and call Kelley, Fulton & Kaplan. Our West Palm Beach credit card debt attorneys specialize in helping people find long-term relief from credit card debt and other financial encumbrances.

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