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Steinlaw, Attorney
Category: Legal
Satisfied Customers: 1811
Experience:  8+ years as an insurance adjuster, 7+ years as a personal injury and consumer law attorney
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I have a lot of credit card debt... and it is annoying that

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I have a lot of credit card debt... and it is annoying that it isn't going down because of the high interest rates and I don't have any savings but I can make my payments (often only the minimum but I am never late). I get a ton of unsolicited mail from companies that claim there is a new credit card forgiveness law (the Credit Card Accountability , Responsibility, and Disclosure Act of 2009) and that I should take advantage of it to reduce my debt. I wish it were true but I think it is a sham. Is there something that could help me, or is it just wishful thinking?"
Submitted: 6 years ago.
Category: Legal
Expert:  Steinlaw replied 6 years ago.
-How much is your debt?
-What is your approximate gross monthly income?
Customer: replied 6 years ago.
debt is about $82,000 credit cards and I make about $110,000 a year salary plus a bonus of about 20% so that's almost 11,000 a month gross
Expert:  Steinlaw replied 6 years ago.
You are right to question this.

The Credit CARD Act is not going to be able to help you. It places restrictions on what lenders can do, but it does not provide for forgiveness for you. Your best bet is to talk to a bankruptcy attorney. You may not qualify for a Chapter 7, but you may qualify for a Chapter 13. That would allow you to make affordable payments and either get this discharged or pay it down significantly.

Good luck.
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