The Law Office of Ronald V. De Caprio works with individuals who are struggling with apparently insurmountable credit card debt. Credit card debt can become a problem for Garnerville residents for a variety of reasons; to meet those divergent causes, an assortment of potential remedies exist. One possible remedy for managing crippling credit card debt is filing for personal bankruptcy.
Not every person who has credit card debt can or should file for bankruptcy. Attorneys like Ronald V. De Caprio who practice bankruptcy law can advise their clients on their eligibility and suitability for bankruptcy protections. Those who do qualify may have an option to choose Chapter 7 bankruptcy or Chapter 13 bankruptcy.
Under Chapter 7 bankruptcy, a person may sell off or liquidate his property in order to pay off his outstanding loans and debts. A debt, such as one associated with a credit card, might be discharged under this form of bankruptcy for a reduced amount if the creditor and bankruptcy court are able to agree on the resolution. Under Chapter 13 bankruptcy, a person retains much of his property and reorganizes his assets and income into a plan to repay his outstanding financial obligations.
The forms of personal bankruptcy available to an individual facing personal debt are quite different, and each form may benefit individuals with very different financial histories. Bankruptcy attorneys like Robert V. De Caprio can help their clients understand these differences and carefully assess which, if either, best suits an individual’s needs.
Credit card debt can overwhelm even the most financially-minded individual. Options like bankruptcy may offer those struggling a way out of the burden of coping with financial liabilities. The Law Firm of Ronald V. De Caprio is available to provide legal guidance to those who wish to better understand their bankruptcy options when facing the challenges of credit card debt.