Credit Card Debt Los Angeles Bankruptcy Attorney
With your credit cards maxed out and sky high interest rates, you may find yourself feeling like you’re falling deeper and deeper into debt with no solutions in sight. Credit card debt can be financially crippling as you struggle to pay your minimum monthly balance and interest rates drive your total balance higher and higher and higher. At some point, it is not surprising that you might reach a point of no return where you see no end in sight and no possible remedy to your financial situation. Your problems can become compounded when you seek assistance from debt settlement companies who promise debt relief but may cause you more harm than good in the end.
Beware of Debt Settlement Companies
The best thing you can do for yourself in seeking relief from excessive credit card debt is to contact a skilled attorney who understands the processes and pitfalls of absolving credit card debt. Your attorney will advise you to use caution when considering the possibility of a debt settlement company – a for-profit company that require you to set aside a portion of your monthly income into an escrow-like account. When enough money has been accrued into said account, these debt settlement companies will then make a settlement offer to your creditor, which they may or may not accept. Working with debt settlement companies can be a risky option for mitigating credit card debt. You may find yourself having paid money toward a debt settlement company each month rather than chipping away at the existing debt between you and a lender or creditor. Instead of making progress, you may have set your financial situation even farther behind.
Your lender or creditor is under no obligation to cooperate with a debt settlement company and these companies often encourage borrowers to cease payments to their creditors and instead pay into their escrow-like savings accounts. Failure to pay your credit card bill for any length of time may result in a negative impact on your personal credit report. Interest, late fees and penalties may apply and you open yourself up to potential harassment from bill collectors and creditors demanding payment.
Solutions for Discharging Credit Card Debt
The attorneys at the law offices of I Los Angeles Bankruptcy Attorneys will explore potential credit card debt relief options with you that may include speaking with your credit card company to negotiate a settlement or in some cases, filing for Chapter 7 or Chapter 13 bankruptcy may be a viable option for debt absolution.
Contact a Credit Card Debt Attorney Today
We are proud of the rock-solid reputation we have earned among our former clients and colleagues and look forward to providing you with high quality legal assistance as you deal with the possibility of Chapter 11 or 13 bankruptcy or foreclosure on your home. Please contact our offices located in Sherman Oaks and Los Angeles today to speak with one of our bilingual staff members and to start the process of financial recovery. As a Southern California debt relief agency, we are standing by to assist you. Call us at (213) 699-3055 today for a free consultation.
“The bankruptcy attorneys at Resnik Hayes Moradi LLP provided us the peace of mind I so desperately needed. I was not sure what to do and I felt like I was at the end of my rope. They were there the entire step of the way and gave me the necessary information I needed to make the right choice for my family.” – Dave B.