Local Law Firms Home > Bankruptcy Debt Relief Overview > Bankruptcy and Credit Repair Help > Late Payments Have you been making late monthly credit card, car loan, or home loan payments or skipping credit card payments completely? According to one of the major credit reporting bureaus, TransUnion, late credit card payments from debtors have dropped to its lowest rate since 1994. Does this mean credit card holders are doing better economically? Not necessarily. Some individuals are simply being more sensible with their debt and many banks are putting a stricter restriction on what consumers can borrow. Additionally, many individuals who realize they cannot keep up with their payments discover that filing for bankruptcy is their best option.
If you still find yourself having a difficult time making those credit card or loan payments, you’re not the only one. Though tardy payments from credit card users are down, it doesn’t mean everyone has not been seeking other alternatives. Many consumers are still filing for bankruptcy due to the economical state of their lives. If you are paying the absolute minimum amounts on your bills and cannot budget yourself out of your debt in the next few years, then bankruptcy may be the best choice. Impending foreclosure or a recent employment loss or divorce could also be reason for declaring bankruptcy. Do you have additional legal questions regarding late payments and filing for bankruptcy? Our bankruptcy lawyers are here to help! Contact a bankruptcy law attorney in your area today to learn more. Did you know? Specific economical liabilities or debts are not dismissed from bankruptcy. Spousal support and child support payments must still be made even after bankruptcy. Additionally, most recent back taxes and the majority of student loans are not dismissed by filing for bankruptcy. |