If the major source of your financial worries is credit card debt — you have several different options available to you.

If the debt is extremely high and you have lost your job or have other unexpected expenses, then you may want to consider bankruptcy.

Under other circumstances, however, bankruptcy may not be the most attractive option. It may not even be the best option. Before you file a bankruptcy petition — and before your credit card companies seek wage garnishment to collect the debt — get advice about your credit card repayment options.

Credit card companies do not want you to know that you have negotiation power regarding repayment of your debt. If the credit card company will not negotiate lower payments or a reduction in the amount of the principal, you can always consider filing a bankruptcy petition in order to erase the debt or force a modification in the terms of repayment.

For these reasons, credit card companies often respond favorably to reasonable requests for modification of repayment terms. Often known as voluntary repayment agreements, these modifications may lower your interest rate, lower your monthly payment obligation and even reduce the amount of the principal.

Contact us today to discuss your options.