As a previous post on this blog discussed, credit card companies offer all kinds of incentives to get New Yorkers to sign up for and then use their credit cards. In addition to "zero interest" purchases, companies also offer cash back incentives, travel rewards and other goodies that are in fact wonderful deals so long as people pay off the balances.
However, whether due to a job loss or some other economic misfortune, sometimes families can no longer make their payments on credit cards. When these sorts of things happen, interest can quickly pile up and leave a family struggling with thousands or even tens of thousands of dollars in credit debt, even if they are able to get out of whatever situation caused them to fall behind in the first place.
Our law office does help Rochester families struggling with credit card debt file for a Chapter 7 or Chapter 13 bankruptcy in an effort to get a discharge from the debt and some financial relief. We help our clients decide which type of bankruptcy is right for them. Sometimes, even though a family could file a Chapter 7 and even though a Chapter 13 does require a monthly repayment plan, it is sometimes a better choice to go ahead with a Chapter 13.
Sometimes, though, a family may not need to file for bankruptcy at all. Short of filing for bankruptcy, there are ways in which debtors can compromise their debts with credit card companies. At a minimum, our law office is aware of what rights debtors have regarding credit card debt and can help stop creditor harassment.