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Bankruptcy protection may trump advice regarding debt relief

Credit card debt plagues a vast number of people around the country and here in New Jersey. At this point in our history, much of that debt was incurred during the recession when people used their credit cards to pay for the food they put on the table and the electricity that many used to cook it. There is a lot of advice available regarding how to reduce credit card debt, but it may not work for everyone. In many cases, bankruptcy might be a more useful option.

That is not to say that the advice is not good. It is simply not going to help everybody. For instance, people are advised to stop using their credit cards. For a lot of consumers facing these issues, that happened long ago. Many have also already eliminated luxuries from their budgets and cannot possibly stretch their budget any further.

This predicament also makes paying more than the minimum payment simply out of the question. A balance transfer is a good idea, but when a consumer's credit is already tarnished by the debt he or she already has, credit card companies will not extend any additional credit to use. Another piece of advice is to find ways to bring in more money, but many consumers have already tried that as well and struck out in a still stagnant job market.

A New Jersey resident who is past being able to follow such advice may want to consider filing for bankruptcy protection. Doing so could provide a practical solution to a problem that seems overwhelming. Once the bankruptcy is filed, collection actions cease. In many instances, the filer is able to achieve a complete discharge of unsecured debts, allowing for the opportunity to get reestablished, free from financial obligations that have simply become unmanageable.

Source: U.S. News and World Report, "5 Tips to Liberate Yourself From Credit Card Debt", Lindsay Konsko, June 30, 2014

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