For those people who have fallen into debt in the slow slide into recession that the world has been experiencing, finding their way out of the fiscal quagmire can sometimes be hard to do. But help is at hand with the aid of a Chapter 7 bankruptcy lawyer who will try to find a way to cool the situation considerably. A Chapter 7 bankruptcy attorney is fully aware of the criteria which is applied in these situations and will act accordingly.
Whenever anyone wants to get themselves out of this kind of financial mess then they must certainly get the help of the professionals who are well versed in the art of shrugging of debt. Filing for this clause in court will mean that the individual will virtually be given a clean slate to start from and this is often a great relief for those who feel that they cannot take any more hassle or harassment from creditors.
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What happens when the credit card debt gets too high and unmanageable, the individual will sometimes get another card to start paying off the first. This then starts them into a downward debt spiral that literally everyone would have problems with.
What the court does is to apply a means test to the individual with the debt to see if they are living beyond their incomes. Some expenses, like rent or school fees, will be allowed but others will not. Once the reasonable expenses have been worked out they are then compared to the income of that household to see if there is any excess. If there is not then the credit card debt is wiped off the books thus freeing the individual to get on with their lives.
If there is excess then the debt will not be wiped out but the court will work out a payment plan to get the debt paid. The good thing about this though is that no penalties for late payment and no interest will be added to the debt from that moment on. This gives the individual the opportunity to pay his debt without doing it for the next twenty years or so.
Another good aspect of filing in this way is that the individual will no longer be hassled by phone calls or letters once the case is registered in the court. These credit companies will go all out to get their money and do not consider that someone may just need time to breathe to sort out their mess.
However, that being said, there are some individuals who get themselves into debt way over their heads and will just stay on the debt merry go round until they cannot take it anymore. This can lead to some making some very unfortunate decisions in their lives and this is why finding a professional to help is of great importance.
Of course, this is not an easy way out of debt as some would see it because even the means tests used by the court are somewhat demeaning.
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