I received two emails today from clients asking about the credit card bail out that they read about on the internet or heard about on the radio. Apparently, some folks are advertising about how people who owe more than $10,000 in credit card debt can get relief.
Folks, there is no bail out. There is no government program. There are no secret laws that allow you to get out of debt. You do have options, but none of these options involve some special bail out. Your options:
1. Bankruptcy. You can file for bankruptcy, either a chapter 7 or a chapter 13. Your debts will be legally discharged this way.
2. Negotiation. You can negotiate with your creditors. You can either do it yourself or hire an attorney to do it for you.
3. Let them sue you. You can wait for the creditors or debt collectors to sue you and then you can either fight the case in court or settle at that point.
There is no silver bullet. There is no bail out. There is no free way out of this. You should avoid a debt counselor and talk to a licensed, competent attorney.