Credit Card Debt

For most consumers, unsecured debt, also known as non-priority debt, accrues on credit cards when you don’t pay the balance in full each month. Unfortunately as you start to get behind on payments, your debt grows through the accumulation of interest (on your original balance and on the new balance that includes previous interest), plus fees and penalties for not making regular minimum payments on time.

Mismanaged credit card debt is one of the most common causes of bankruptcy in the country, and whether your debt was due to unexpected expenses like medical bills, the inability to pay your bills after a job loss, or some other reason, it can be difficult to get out from under the debt once it begins to pile up.

Other types of unsecured debt include personal loans from friends or family members or, in some cases, a property settlement liability resulting from a divorce or a judgment resulting from a lawsuit.

Carrying debt long-term can be harmful to your personal finances and your credit, and can also cause significant stress. At Christensen Young & Associates our bankruptcy lawyers have years of experience in handling all types of asset protection during the bankruptcy process, from deciding between chapters 7 and 13 to handling credit card debt.

We can review your financial information to identify the areas that are causing the most damage and target those first. Our bankruptcy attorneys will advise you on ways you can minimize the impact of debt moving forward to prevent further damage to your finances. We also recommend that you always read the terms of your credit card agreements closely.

The attorneys at Christensen & Young Associates work closely with our clients to ensure that you emerge from this difficult legal process with as many assets intact as possible, limiting the damage to your long-term financial health.

For additional information regarding credit card debt, contact us for a free legal consultation!