South Dakota Credit Card Debt Lawyers

Credit card debt is something millions of Americans unfortunately struggle with. That said, if you’re someone who has accumulated debt you are unable to pay off, you’re most likely feeling overwhelmed and unsure of what steps to take next. Fortunately, if you’re reading this, you’ve come to the right place. Contact the skilled South Dakota bankruptcy lawyers from 605 Bankruptcy for assistance with your credit card debt today.

Choosing the Right Bankruptcy Option for Credit Card Debt in South Dakota

If you’re considering bankruptcy as a way to manage your overwhelming credit card debt, you’re likely wondering which type of bankruptcy is right for you. For most individuals, the two primary options are Chapter 7 bankruptcy and Chapter 13 bankruptcy. Each type has its own benefits, requirements, and implications for your financial future.

Chapter 7 Bankruptcy: Fast Relief for Overwhelming Credit Card Debt

This option is often referred to as “liquidation bankruptcy” and is ideal for individuals with limited income and significant unsecured debt, such as credit card balances. To qualify for Chapter 7, you’ll need to pass a means test, which examines your income, expenses, and ability to repay your debts. If you qualify, the court may liquidate certain non-exempt assets to pay your creditors. However, many people who file for Chapter 7 are able to keep most, if not all, of their assets due to exemptions under Wyoming law. Once your case is complete, most of your unsecured debts, including credit card debt, will be discharged, providing a clean slate.

Chapter 13 Bankruptcy: Reorganize Your Debts and Protect Your Assets

This type of bankruptcy is commonly referred to as “reorganization bankruptcy” and is best suited for individuals with a steady income who want to catch up on missed payments while protecting their assets, such as a home or car. Under Chapter 13, you’ll propose a repayment plan to pay off a portion of your debts over three to five years. Once the repayment plan is successfully completed, any remaining eligible debts, including credit card debt, may be discharged.

Speak with Experienced South Dakota Credit Card Debt Lawyers Today

The bottom line is that if you’re facing credit card debt or a lawsuit from your creditors, the time to act is now, and fortunately, you are in the right place. Our legal team is prepared to fight for you and your interests, every step of the way. Contact 605 Bankruptcy today so we can get working on your case.