Posted by srailawoffice In Bankruptcy August 19, 2020 0 Comment

The Covid-19 pandemic has financially impacted all of us in one way or another. Most individuals, especially those who lost their jobs during these unprecedented times, have had no choice but max out their credit cards to make ends meet. Raking up credit card bills, for whatever reason it may be, can create a substantial debt that many people will find it difficult to escape. However, it is not impossible.

Our Central Valley bankruptcy attorneys have put together steps to help you pay off credit card debt. These steps may not be possible for every debtor to follow, in which case your only option in beating credit card debt may be to file bankruptcy.

1. The Snowball Method to Reduce Debt

One popular method of paying off credit card debt is to use the snowball method. This entails first paying off the credit card with the lowest balance account and then gradually making payments on other accounts as the debt starts to reduce more and more. Eventually, you will be left paying large amounts until you completely pay off all your credit card debt.

2. The Snowflake Method to Reduce Debt

If the snowball method is not an option for you, another way to reduce your credit debt is by sending extra few dollars to your credit card account every month. Regardless of how small this amount may be, it will help result in large deductions over time.

3. Work Extra Hours or Get a Second Job

If you absolutely cannot dedicate any part of your current income to paying off any portion of your credit card bills, you may need to work extra hours or even get a second job. Although this option may be more overwhelming, it will most definitely help you accelerate your debt payoff as you start to pay less interest on your outstanding credit card balances. But if you choose this option, it is important to dedicate all the extra money towards paying off the debt.

4. File for Bankruptcy

If all else fails in an attempt to pay of your credit debt, your only option may be to file for bankruptcy. Filing Chapter 7 bankruptcy can help you eliminate your unsecured debt (which includes credit card debt) in months. If you opt to file Chapter 13 Bankruptcy, it will help you reorganize your debt payments to ensure that you are only required to pay the amount you can handle every month.

Call an Experienced Central Valley Bankruptcy Attorney

If you have been impacted by the COVID-19 pandemic and are planning to file or in the midst of a bankruptcy proceeding, it is in your best interest to consult with an experienced bankruptcy attorney to help you learn your legal rights and options, especially with respect to Chapter 7 bankruptcy.

For more information or to schedule a complimentary consultation with Central Valley bankruptcy attorney Gurjit Srai, please call 209-323-5558, or complete our online form.