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Helping good people through bad times

Other than bankruptcy, how can I pay down credit card debt?

Credit card debt can become a problem for a Tennessee resident in the blink of an eye. The loss of a job or an unexpected medical bill can send a person of comfortable financial means into a tailspin of debt, penalties, and unpaid balances. When credit card debt takes hold of a person's life, they may be prepared to take drastic means to satisfy it.

While bankruptcy may be a good option for some individuals who wish to bring all of their outstanding debts together and manage them all in one legal process, a person with a single massive credit card balance may have other paths. For example, they may be able to work out a plan with their debt holder to repay their loan on terms that are different from what they originally agreed to.

When such a plan is formalized into a contract, it may be referred to as a workout. A workout is an agreement that may extend the time over which a debtor may repay their balance or may change the terms on which they must make their payments.

Workouts can serve the needs of credit card debtors because they specifically address what the debtors must do to pay down their bills and become free of the covered debts. A workout would not later prevent a person from filing for bankruptcy if such action was warranted:

It is important for credit card debt holders to talk to attorneys who work in this complex field of law. Credit card debt can be burdensome and can affect one's credit long into the future. Options for breaking credit card debt may include bankruptcy but may also include options that individuals can discuss with their personal debt relief attorneys.

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Kenneth C. Rannick, P.C.
4416 Brainerd Road
Chattanooga, TN 37411

Phone: 423-624-4002
Toll Free: 800-257-7594
Fax: 423-624-0509
Chattanooga Law Office Map