Credit Card Debt Elimination Using Chapter 13
In Chapter 13 bankruptcy, the advantage to the creditor is that most, if not all, because outstanding balances will eventually be paid. However, any amounts left unpaid at the end of the maximum five-year term are automatically discharged. Repayment through Chapter 13 also helps borrower/debtors reestablish responsible borrowing power more quickly. A repayment plan presents a clear record of consistent and faithful payments, including credit card debt elimination, which demonstrates to potential lenders a commitment to honor future financial obligations. But credit card debt repayment doesn’t have to depend on bankruptcy. Excessive spending is like a malignant tumor; sometimes it just has to be cut out!
