Thinking credit card bankruptcy is your relief? The statements came in the mail, just like they do each month. The legislation proposed by the Obama administration was supposed to help out the common man but you can only make minimum payments on the cards. To pay them off would require more money than you make. The result of the legislation actually was to increase your interest rates.

You found a calculator on the Federal Trade Commission website that would allow you to calculate how long it would take to pay off your credit cards. Last night, you put in the balance and the new 29.9% interest rate, and the calculator literally told you that the debt could not be paid off in your lifetime with the minimum payments that you can barely afford anyway.

What can you do? There really is not any alternative left. To pay off the debt, you would not be able to have anything as far as you can see. Your family cannot afford that money and would risk losing their home and future prospects.

You have survived losing your job and with your new prospects, you need to be able to get a clean start.

The law provides a solution. Bankruptcy gives you the way to start over from scratch. Even though you were taught by your parents and school that all debts must be paid back, even General Motors was bailed out by bankruptcy and President Obama. If GM can start over, why not you? The bankruptcy laws were passed just so that someone could get a fresh start and begin again.

Non-payment of debt should result in a penalty but the bankruptcy law provides forgiveness. The American Dream is all about the security and benefits we can secure for our families. The bankruptcy law is about a new beginning with a clean slate from which to begin that trek.

Bankruptcy is not a step to be taken quickly without planning ahead and getting professional legal advice to make sure that you are taking the right action. A debt counseling course will be required before you can even file. More important though is what you do after bankruptcy. In order to truly get a new start, you will need to repair your credit to have the ability to begin again.

Learn more about credit card bankruptcy. Stop by James Montgomery’s site where you can find out all about credit card help and what it can do for you. This article, Credit Card Bankruptcy To Bail You Out? is released under a creative commons attribution licence.