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Credit Card Debt in Richmond, VA

High credit card debt continues to rank among the primary reasons people struggle financially. The convenience of credit cards has led to their prevalent use, and Americans carry a more than $1 trillion in credit card debt. While swiping makes sense when you enjoy a steady income, disruptions such as lack of work, illness, injury and other unanticipated setbacks can cause high interest rates to overwhelm you.

If you are suffering from excessive credit card debt, it may be in your best interest to call an experienced bankruptcy attorney. At the Agarwal Law Firm, we help people in the Richmond, VA area get the credit card debt relief they deserve.  


Benefits of Working with a Bankruptcy Attorney

The decision to file a Chapter 7 or Chapter 13 bankruptcy and wash away your credit card burden involves careful consideration and the advice of a legal professional. Not every case requires a bankruptcy filing. In some instances, an experienced attorney can negotiate reduced credit card settlements without a court filing. However, for those who have sunk in the credit card debt quicksand, which is so common today, these are the benefits of following through with a Virginia bankruptcy filing:

  • Cost Effective: Bankruptcy court fees are modest, and securing affordable legal representation costs a fraction of the credit card debt you can discharge.
  • Peace of Mind: Once the filing has been entered, the credit card collection agencies will be required to stop harassing you.
  • Stop Garnishments: Once the bankruptcy has been filed with the court, wage garnishments can be lifted, and your financial well-being can be stabilized.

The bait of rewards and other incentives have lured too many good people into applying for credit cards with higher than expected interest rates. Such marketing efforts by credit card corporations have led otherwise frugal people to take on more debt than they initially realized. Even the slightest loss of wages can start a domino effect that can cause a person to fall behind.


Chapter 7 and 13 Bankruptcy in Richmond, VA

If you are struggling with excessive credit card debt, it may be time to work with an experienced bankruptcy lawyer who can provide legal advice about critical next steps. Whether the best course to restore your financial health requires negotiating reduced settlements or filing for bankruptcy, we are prepared to shepherd you through the process. At the Agarwal Law Firm, we put more than 15 years of experience to work delivering credit card debt relief. Call or contact our Richmond law firm and schedule a free credit card debt consultation today.


Frequently Asked Questions

How much credit card debt is too much?

Understanding when your credit card debt exceeds your ability to pay involves a critical analysis of your complete financial portfolio. Credit card debt is one factor among others that determines a person’s financial health. For the CEO of Amazon, there might not be a limit because he’s one of the richest men in the world. However, for working people, it’s crucial to review your average monthly debt-to-income ratio. A total debt-to-income ratio of 20-80 percent is widely regarded as low. However, if you have cracked the 40-60 percent threshold, it’s time to seriously consider sitting down with an attorney and weighing your debt relief options.

Can you claim bankruptcy on just credit cards?

The short answer is: No. When making a Chapter 7 or 13 bankruptcy filing, the courts require you to list all of your outstanding debts, income and assets among other pertinent financial items. While a person with high credit card debt may want to discharge those debts believing you can pay off others, the court ultimately decides for you. The good news is that credit card debt ranks among the more common items courts discharge.

Does declaring bankruptcy clear credit card debt?

Credit card relief through bankruptcy remains a powerful remedy for people suffering in debt. But how much credit card relief you secure can depend on the type of filing made by your attorney. In Chapter 7 bankruptcy, the total credit card debt could be wiped out in three to six months. However, Chapter 13 filings may require you to pay back some portion of the outstanding balances.

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