Credit cards are easy to obtain and really easy to use. The banks are really good at hiding annual fees and interest, so it's hard to see how much debt one is getting into with credit cards. Some interest rates and annual fees make it nearly impossible to pay a card off if you're just making minimum payments.
Unfortunately due to these circumstances and many others, credit card debt is the primary reason for filing for chapter 7 bankruptcy relief. Why? Credit cards are considered general unsecured creditors. 99.9 percent of the time, a chapter 7 debtor will get a discharge, wiping the slate clean of unsecured debt. So naturally, a debtor with a lot of unsecured debt will first seek relief under chapter 7.
If you have a lot of credit card debt that wo't go away, talk to a chapter 7 bankruptcy attorney here at the Yontz Law Group. There is a lot to take into consideration when thinkiong about chapter 7 bankruptcy. Fortuately, the bankruptcy lawyers at our office have decades of experience in bankruptcy and will be able to thouroughly evaluate your situation. We have a bankruptcy office in Tempe, Phoenix, and Mesa.
Talk to a top Tempe bankruptcy attorney at 480-355-1377, or fill out our contact form on the website.