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A growing problem in America today is the trend toward assuming more credit and a reduction in household savings. Numerous factors contribute to why people find themselves carrying more credit card debt than they can manage. Typically, changes in financial resources are the principle culprit to unwieldy credit payments. Losing your job or suffering a personal injury and maintaining daily expenses can often mean that credit can be a ready resource to paying bills. Unfortunately, this practice of bridging the financial gap between jobs or during periods of illness is not a viable way to achieve financial relief.

Suffering under the burden of staggering credit card debt can be a crushing experience that can leave you hopelessly weighed down under the financial burden of major monthly payments; however, Chapter 13 bankruptcy might be a viable solution that can stop creditor harassment, prevent financial actions such as foreclosure and offer a fresh financial start. Renegotiating unsecured credit card debt through the filing of Chapter 13 can lead to more manageable payments reduce economic challenges.

While debt relief under Chapter 13 has many upsides such as preventing foreclosure, reducing interest rates and diminishing debt loads, there are things to consider. You should be aware that arrangements made within the bankruptcy protection agreement will include at least a portion of the money owed to creditors and you must meet these repayment terms.

When your financial means are limited, and your credit card payments seem impossible, consulting a lawyer regarding your options is the first step toward finding relief. Speak with a trained bankruptcy attorney to discover what options are available to you for debt relief and what your obligations are under debt protection legislation. Filing for Chapter 13 might be your best action to build a financial plan for the future.