Macco & Corey P.C.

Traffic accidents, credit card debt and bankruptcy

Traffic accidents, credit card debt and bankruptcy

If you were recently involved in an auto accident, our law firm realizes how tough your life likely is at the moment, especially if you were injured. Unfortunately, many people face long-term challenges in the wake of traffic crashes, especially when it comes to their finances. The financial impact of a collision is often devastating and leads to a temporary or permanent inability to work, medical costs and other financial hurdles. Many people take on high levels of credit card debt in this position and it is important to explore your options with regard to eliminating this debt, such as bankruptcy.

Before filing for bankruptcy, there are many factors to consider, such as the type of bankruptcy that will suit your needs best and the approach you need to take with respect to your petition.

Traffic crashes and credit cards

Many people charge their credit cards following a motor vehicle collision. For example, those who lose their paycheck due to the inability to work often depend on their credit card to pay bills or buy food. From a long-term standpoint, this is often disastrous, especially when it comes to interest and fees. Many people find themselves hopelessly buried in credit card debt and have no idea of what to do next, which is especially worrisome for those who cannot work because of immobility or other accident-related challenges.

The benefits of bankruptcy

If you successfully work through a bankruptcy, you will have the ability to clear credit card debt and restore hope for your future. Many people sleep better and also have new opportunities open up once they get rid of debt. Read more about the bankruptcy process on our blog.