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Seattle, Washington Chapter 7 Personal Bankruptcy Attorney Ruth Nelson

How Credit Card Companies Stack Your Debt Against You

The credit card industry targets good people of all ages and income levels—including children and the elderly—with pre-approved credit card offers.

Many consumers are under the impression that banks and other lenders carefully evaluate your ability to pay off these debts before they extend you credit.

In fact, the reason those "pre-approved" credit offers arrive in such a deluge is because they are not based on your credit report. They are based on marketing research—not on what you can afford, but on how much money credit card companies can expect you to spend.

The simple truth is this: Credit card companies don't make money if you pay off your entire balance every month—they only make money off of the interest, fees and penalties they charge you if you don't.

What makes that interest and those fees and penalties even more threatening is the "universal default policy." You may think that paying four out of five of your credit cards on time is better than paying all of them late, but it might not be. If you default on one credit card, not only will that company raise your interest rates—it will inform the other companies, and they will raise your rates on their accounts.

It's time to get free of your credit card debt. Contact me today to get started.

The truth is, many people live paycheck to paycheck. For many, even the slightest change in income or debt can have a dramatic impact on being able to pay their bills. Credit cards, payday loans, unforeseen medical bills, divorce, job loss and a host of other problems can result in overwhelming debt.

Does this sound like the financial problems you are experiencing? I have been helping people just like you obtain debt relief through Chapter 7 bankruptcy since 1988.

Call me today at (206) 633-2517 for your free phone consultation. I answer my own phone weekdays between 9:00 a.m. and 9:00 p.m. Or, contact me by e-mail and I will get in touch with you promptly.

Despite the New Laws, You Probably Still Qualify for Chapter 7 Bankruptcy

You may be under the impression the new 2005 bankruptcy laws mean that Chapter 7 bankruptcy is no longer an option for you. While there is more paperwork and requirements, it is still likely that you quality for Chapter 7 bankruptcy.

An experienced bankruptcy lawyer can tell you whether you can file for Chapter 7 and get relief from your debt. In most situations, I believe Chapter 7 or "liquidation bankruptcy" is the best option for my clients because it eliminates most types of debt. In addition, it can offer the following:

Chapter 7 bankruptcy stops creditor harassment immediately.
Chapter 7 bankruptcy may leave you with better credit than Chapter 13 bankruptcy. This is because on a Chapter 13 bankruptcy plan, you won't begin reestablishing your credit until your plan is paid in full.
Chapter 7 bankruptcy can help after a foreclosure. Although Chapter 7 typically can't prevent foreclosure of your home the way Chapter 13 sometimes can, it can still help. If you lose your home through foreclosure and still owe money, you may be able to discharge that debt through bankruptcy.
If you lost your driver's license for being involved in an accident while you were driving uninsured, you cannot reinstate your driving privileges until the damages have been paid. If you file for Chapter 7 bankruptcy, you can get your driver's license back.

If you are worried about overwhelming debt, wage garnishment, home foreclosure or other financial problems, I can help. Call me at (206) 633-2517 for your free phone consultation. Or, contact me today to arrange your consultation and discuss your options regarding personal bankruptcy.

Cash, Checks and Money Orders Accepted

Law Office of Ruth Nelson

Helping people get debt relief since 1982

7742 14th Avenue NW
Seattle, WA 98117-4221
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Phone: (206) 633-2517

Seattle, Washington bankruptcy lawyer Ruth Nelson helps consumers obtain debt relief through Chapter 7 bankruptcy and Chapter 13 bankruptcy. She represents clients throughout the greater Seattle area in cities such as Seattle, Bellevue, Everett, Kent, Auburn, Lynnwood, Edmonds, Ballard, Mukilteo, Mill Creek, Snohomish, Marysville, Arlington, Monroe, Bothell, Redmond, Kirkland, Renton, Burien, Tukwila, Federal Way and Oak Harbor.