How Can I Become Debt-Free Quickly?

With most American’s credit card debt ratios going through the roof, many are starting to wonder how hard it would be to become debt-free. Prior to the 1970s, our parents and grandparents prided themselves on living a debt-free lifestyle until the credit card boom. Creditors spent millions of dollars advertising on a why wait when you could have it now type of marketing. Now, most Americans are saddled with thousands of dollars in credit card debt with no way out. Recently, the question, “How can I become debt-free quickly?” has become common for a bankruptcy attorney to hear. Many people are just getting tired of being enslaved to their creditors and have realized that making minimum payments will never get them out from under this credit card debt. Outside of winning the lotto, most Americans will never be able to get out from under credit card debt bondage without filing Chapter 7 bankruptcy. Filing bankruptcy is now becoming a popular way of getting out of debt and becoming debt-free.

So when a bankruptcy attorney is asked the question, how can I become debt-free quickly? They will answer filing Chapter 7 bankruptcy is the quickest way as long as you qualify. For someone that is burdened with credit card debt, chapter 7 bankruptcy is king. Usually, when an individual comes to the place that they are ready to file for bankruptcy, creditors are beating down their door. Filing Chapter 7. The creditors in their place. When the bankruptcy attorney files the personal bankruptcy petition, an automatic stay is put in place stopping the creditors from any collection activity. The automatic stay is one the most powerful tools that a bankruptcy attorney can use to protect their client. The automatic stay along with stopping collection activity, it also stops legal activity such as, foreclosure, lawsuits, wage garnishments and judgments. This in itself many times makes it worthwhile for the individual filing bankruptcy. Removing the stress of the constant bombardment of aggressive phone calls by the creditors allows the individual to focus back on what’s important. The whole Chapter 7 bankruptcy process takes about 4 to 6 months and in the end the debtor will get a bankruptcy discharge wiping out all unsecured debts. Unless the individual filing bankruptcy reaffirms any secured debts, they usually will walk from chapter 7 in virtually debt-free.

Getting answers to those tough bankruptcy questions needs to be thought of before you make a decision when it comes to your financial problems. Finding the answers to help you understand your situation more clearly can help you make an informed decision about filing bankruptcy. Take a minute to call or fill out the form to have a FREE NO OBLIGATION CONSULTATION with a bankruptcy attorney in your area.