An emergency situation may have presented itself leading you to charge a large amount to your credit card. You may have had the intentions of paying it off, but the interest continued to accrue as daily expenses still needed to be afforded. Situations like these can cause your credit card debt to accumulate rapidly. Making late payments or not making payments at all can put you further in debt, leave you feeling as if you have little to no debt relief options. The debt collection calls may seem unrelenting as you struggle to find sources of income to pay off your credit card debt. You may be on the brink of filing for bankruptcy, but it is important that you are aware of a few debt relief alternatives.
Sell Your Property
When you file Chapter 7 bankruptcy, a trustee will decide what to sell or liquidate to help settle your claim. Take the initiative and do this yourself. Identify items that are of worth that you can live without. Do you have a second vehicle, antiques, or valuable collectibles? The funds you acquire from selling these items can be put toward settling your debt. Consider the help of an appraiser who can inform you on what can be sold quickly for the highest value. You can also take advantage of many digital markets that allow you to advertise your items for sale free of charge.
This may not cover the full amount owed, but it is a step in the right direction. It is also important to know that immediate funds can be the best negotiation tool.
Cut Back on Spending
Excess spending can be the reason why your daily expenses continue to increase, disallowing you to even make the minimum monthly payments. You may have an expensive hobby like golfing or shopping that can be dropped to make more funds available. Your cutbacks do not solely need to focus on extremely high expenses. By simply cancelling memberships, restricting how often you eat out, and making changes to your phone, cable, internet plans, you can free up a lot of funds. Ridding yourself of such expenses can allow you to make the necessary payments to free yourself from the grips of credit card debt.
Debt settlement is another option. Rather than consolidating your debts, you can negotiate a deal with creditors to restructure your payment schedule. Debtors considering debt settlement should consider acquiring an Illinois credit card debt relief attorney who can fight for their financial freedom..
Heather Benveniste is that attorney. Ms. Benveniste spent seven years as a collection attorney in the debt buying industry and now uses her inside knowledge to defend those sued for credit card debt. She has settled, resolved, and defeated credit card debt lawsuits with great success and continues to represent the troubled debtor. She also works closely with those who are in debt and their creditors to minimize their payments, so you can pay off debts you once thought you could not afford. As an attorney, she can get you the best possible deal!
If you are struggling to manage credit card debt, seek the counsel of the experienced credit card debt attorneys at Benveniste Law Offices. The non-bankruptcy attorneys of Illinois can negotiate with creditors on your behalf to consolidate or settle debt on terms that favor your financial situation. If your case requires a court appearance, we will show up on your behalf to dispute the claims presented against you. Do not allow yourself to be consumed by credit card debt. Contact us today at 1-800-497-5358 for a free consultation. You pay nothing until you get paid.