Should you consider credit card debt bankruptcy? The card bills are coming in again this month. You struggled last month just making the minimum payments. The Obama administration was supposed to give you help with your bills with their fancy legislation, but the impact on you was simply to increase your card interest rates to frankly, obscene levels.

The Federal Trade Commission has provided a calculator on its website that is designed to calculate the years necessary to pay off credit card debt. After filling out the variables for the calculator of the 29.9% interest rate and the minimum payment now being charged by the card company, the calculator determined that it would not be possible to pay off the debt during the rest of your life.

What can you do? There really is not any alternative left. To pay off the debt, you would not be able to have anything as far as you can see. Your family cannot afford that money and would risk losing their home and future prospects.

You have survived losing your job and with your new prospects, you need to be able to get a clean start.

The law provides a solution. Bankruptcy gives you the way to start over from scratch. Even though you were taught by your parents and school that all debts must be paid back, even General Motors was bailed out by bankruptcy and President Obama. If GM can start over, why not you? The bankruptcy laws were passed just so that someone could get a fresh start and begin again.

Non-payment of debt should result in a penalty but the bankruptcy law provides forgiveness. The American Dream is all about the security and benefits we can secure for our families. The bankruptcy law is about a new beginning with a clean slate from which to begin that trek.

Bankruptcy is not a step to be taken quickly without planning ahead and getting professional legal advice to make sure that you are taking the right action. A debt counseling course will be required before you can even file. More important though is what you do after bankruptcy. In order to truly get a new start, you will need to repair your credit to have the ability to begin again.

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