Win - Win Solution
My cousin called in the middle of the night asking for help. He was harassed and threatened by his credit card company. He was told that if he was not able to pay his outstanding balance in month’s time, the credit card company will file a debt case, confiscate all his assets and properties and put him to jail. My cousin’s wife had just undergone major operation and in fact was still under treatment for Cancer. Obviously, all of their regular income went to bills that were far more important than the credit card bills. He already tried explaining this to the collector and even asked for a payment plan but to no avail.
Annoyance was an understatement of what I felt that night. I told my cousin to stay calm. Next morning I called a Raleigh bankruptcy lawyer and asked what my cousin can do. He wanted to pay his bill but he can only afford it in an installment basis. The lawyer then told me my cousin can file for North Carolina Chapter 13 bankruptcy. The collectors cannot take hold of his assets and properties nor can they harass him anymore. Additionally, he can pay them in a payment plan that is both convenient for him and the credit card company.
Months pass by quickly. He is able to finally pay his credit card bill and his wife is on her way to full recovery. Indeed a win-win solution.
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