I can only afford the minimum monthly payment on my credit cards, and my balance keeps increasing. Can bankruptcy help me?
If you are only paying the minimum required payment on your credit card bills each month (generally about two percent of the outstanding balance), and the interest rate is 20%, it will take you 15 – 20 years to pay off a $10,000 debt. Filing for bankruptcy will discharge these debts and allow you to get a fresh financial start.
Related Questions
- I can only afford the minimum monthly payment on my credit cards, and my balance keeps increasing. Can bankruptcy help me?
- What if, for any reason, I do not pay the Minimum Payment Amount or the Current Balance by the Payment Due Date?
- If I can not afford that much each month can the bankruptcy judge order the bank to reduce my payment?
