Released on: 15, December 2005
, Author: David M. Siegel & Associates
, Audience: Internet related
FOR IMMEDIATE RELEASE12/20/05
A single credit card debt with a balance of $8,900.00 can take over 14.5 years topay off. This assumes an interest rate of 19%, which is not atypical and a monthlypayment of $150.00. It further assumes that no additional purchases, advances, latefees or increases in interest will occur. Now image an individual who has severalcredit cards with similar balances. For many, the option to file bankruptcy seemsto be a more logical solution than to pay, pay and pay.
How does one determine the time it will take to pay down debt? Several debtcalculators are available for free at http://www.bankrate.com. By plugging in thetotal debt, interest rate and monthly payment, the time in months will be displayed. David Siegel, consumer bankruptcy attorney and American Bankruptcy Institutemember, suggests that "if it takes more than six months to one year to pay off thetotal debt, bankruptcy may be the best solution to resolve the issue." "There islife after bankruptcy for most filers", continues Siegel.
B. Burns of Lawndale can finally save money where in past years, she would pay, payand pay. She can now afford to spend on simple pleasures like cigarettes andlottery. She too was trapped by high interest credit card debt. When she no longerhad the ability to make even the minimum monthly payment, she decided to file forChapter 7 bankruptcy relief and she took back control of her paycheck. Furtherexplanation regarding the different types of bankruptcy and the relief associatedwith each are available at https://www.bankruptcylawyersc hicago.com. If a personcannot qualify for Chapter 7 bankruptcy protection, the option to file Chapter 13(bill consolidation through a trustee) may be available. It's advisable to speakwith a local bankruptcy attorney before making any hasty decisions. Most reputablebankruptcy attorneys will offer a free, initial consultation with a prospectiveclient.
For Further Information:David M. Siegeldavidmsiegel@hotmail.co mhttps://www.bankruptcylawyer schicago.com
Source: Express-Press-Release.com
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