When you stop paying your unsecured debt there is no property the creditor can take from you because there is no collateral being used to secure the debt. It is very common for people to get in over their head with credit card debt, especially in today's current economic climate. In fact, many people get in over their heads because they were shifting credit balances from one card to another in an effort to capitalize on zero percent interest rates. However, once a payment is missed the zero percent can increase to twenty percent or higher...creating monthly payments that quickly spiral out of control.

You should only consider filing Chapter 7 after you have exhausted all of your non bankruptcy options. Unfortunately, it is very common for people to make minimum payments for years, and attempt to work with their creditors, just to find themselves in more debt than when they started. Chapter 7 Bankruptcy is a responsible way for you to restructure your finances and liquidate your debt so you can get the fresh start you deserve. However, Chapter 7 Bankruptcy Restructuring is not for everyone as not all debt can be liquidated. Let Alexander Tuttle review your current situation and help you determine what your legal options are.