Keeping your debt under control is likely one of the top priorities on your list. While it is possible for you to watch your spending, there are some instances in which unauthorized transactions can occur on your credit card. Arkansas residents might need to keep a close eye on their credit card bills and bank accounts if they shopped at Target between Nov. 22 through Dec. 15 of this year.
Readers of this blog know that one of the key messages we offer regularly is the importance of consulting with an experienced attorney when exploring options related to debt relief. Fear of the possible cost may keep many in Arkansas who are considering relief through bankruptcy from taking this important step. What many fail to take into account is that going through the bankruptcy process without the help of trusted legal counsel can bear other costs.
Back in 2005, the credit industry lobby succeeded in pushing amendments to U.S. bankruptcy law through Congress. The argument creditors made at the time was that there were a lot of consumers who could pay, but who were using the bankruptcy system to discharge debts.
Chapter 7 bankruptcy helps more than just low-income folks. Some people who are living the high life - on debt instead of cash, that is - can also benefit from filing Chapter 7. When you file for a Chapter 7 bankruptcy, a bankruptcy trustee is assigned to your case. A list of all of your debts and assets are gathered, and then assets are liquidated to pay creditors. Secured creditors have first priority in receiving payment, and unsecured creditors are paid last. Unsecured debts are often forgiven, leaving the debtor with a clean slate once the bankruptcy is completed.