Will credit card debt settlement work for most of
On December 29, 2008 in Finance
Will credit card debt settlement work for most of us? Back in 2005 there was a changeover in the bankruptcy laws. The change in the law has made it much harder for a person to file Chapter 7. A Chapter 7 will discharge the debt owed in it’s entirety. If a debtor doesn’t pass the “means test” to qualify for Chapter 7 then they must look to go through what’s called a Chapter 13. A Chapter 13 is a court dictated settlement process. In this process the court dictates what you will pay back to whomever you owe the debts for a five year period, by evaluating your finances in great detail.