If you were naïve enough to get caught in the credit card debt trap, then in all likelihood you don’t understand your rights and options when dealing with your creditors. Creditors can be pretty ruthless and will try to scare you into making payments to them that will just keep piling up. You’ll start feeling like you belong to your creditors at this rate and that’s no option since you want to get rid of all this debt riding on your back.
If your debts have become this overwhelming and out of hand, then the safest thing that you can do is to file for chapter 7 bankruptcy with the help of a lawyer. A Kingsport Chapter 7 bankruptcy lawyer can help you get these creditors off of your back fast and once that’s done, they can advise you on what steps you need to take to remain debt free.
There are two main kinds of bankruptcy that you can file for, with the help of your lawyer, you can file for chapter 7; where you can liquidate certain of your assets to satisfy the payments you need to make to your creditors. There’s also a chapter 13 bankruptcy that you can file for, which entails that you get a long term repayment time.
Since most people just want to lose their debts and stay bankrupt for as little time as possible, chapter 7 bankruptcy is the way to go. If you’ve been making hefty purchases right and left before you couldn’t pay back the credit card companies anymore, then you probably have some assets that you could liquidate. With the help of your lawyer, you’ll be able to make sure that only some of your assets end up being liquidated.