Thursday, January 14, 2010

Legal Credit Card Debt Elimination � Is It Even Possible?

Many of you probably wonder if legal credit card debt elimination is even possible. Well, legal credit card debt elimination is possible and can be done in several ways. One of the ways for the legal credit card debt elimination is bankruptcy. Bankruptcy states that you are no longer able to make any payments. If court approves your bankruptcy case, you are no longer liable for most of your debt and do not have to pay it back. The consequence to this legal credit card debt elimination is the fact that bankruptcy stays on your credit report for many years and while you have it, it is hard to get any financing or loans. But it is, in fact, a legal credit card debt elimination and is done in a straightforward and simple way through court.

The other way the legal credit card debt elimination can be done is by settlements. This way the legal credit card debt elimination applies only to the part of the debt. If you negotiated to settle your debt for 60 percent, for example, the remaining 40 percent were saved through the legal credit card debt elimination.

The third way the legal credit card debt elimination can be done is through court, when you win the case against the bank or a credit card company by proving that the whole or part of the debt was accounted for incorrectly or unlawfully. This is the hardest way for the legal credit card debt elimination and may involve a significant investment upfront to cover the court and attorney costs. So, if you need to select the best way for the legal credit card debt elimination, look at the settlement option first. This legal credit card debt elimination only applies to the part of your debt, but you may be able to keep you credit history less damaged.

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