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Credit Card Debt Attorney in Springfield

At Licata Bankruptcy Firm PC, we see a lot of clients who have been struggling with their credit card debt for years. Most clients have exhausted all resources just to stay current on the credit card payments. They have cashed out retirement accounts, sold investments and spent their savings just to stay current on credit card payments. Most individuals have paid back to the credit card companies the amount of debt they borrowed, however still face large credit card bills due to the interest charged by the credit card companies.

We will help clients struggling to re-pay credit card debt. Contact us at (417) 213-5006 or complete our online form to schedule your initial consultation.

How Bankruptcy Affects Credit Card Debt

Both Chapter 7 and Chapter 13 bankruptcy eliminates credit card debt. Credit cards are classified as unsecured debts which are discharged in bankruptcy. Credit card debt is a common type of debt that can overwhelm people and spiral into a cycle of making minimum payments.

Some people think they are doing fine by only paying the minimum credit card payment each month. While it’s true that this will keep a person current each month, it also means that a debtor will pay the maximum amount of interest possible.

For instance, if a person has a $5,000 credit card balance, their minimum payment each month is 1% of their balance plus interest. Their minimum payment in the first month is $125. Assuming they only made the minimum payment each month, it would take 273 months (almost 23 years) to pay off their card. In total, they would pay $6,923 in interest on top of their original $5000 credit card balance.

Credit card companies make it easy to apply for credit. They will continue to extend credit if you make the minimum payment and this can often lead to a cycle of credit card debt that cannot be paid by the individual.

An unexpected illness or job loss happens, and they have no extra money to service the monthly credit card payments. Or even if they are just surviving making the monthly payments, the payments are largely being applied to interest, which is not reducing their debt load.

Here to Help You Legally Resolve Your Credit Card Debt

If you are in a cycle of credit card payments that are causing monthly budget issues, schedule a free consultation with one of our experienced Chapter 13 bankruptcy lawyers in Springfield Missouri. We will evaluate your current income and credit card debt to determine if filing a bankruptcy is the best option to eliminate the credit card payments and related stress.

Bankruptcy was created by Congress to form a safety net to break the cycle of minimum payments, or late payments, and get you a fresh start. Before you cash in that 401K or dig into your children’s college savings (assets that are likely exempt) schedule an appointment with the Licata Bankruptcy Firm to explore your options.


If you are struggling to re-pay credit card debt, contact our skilled Springfield attorneys by calling (417) 213-5006.


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    We would recommend him to anyone!

    “Marc Licata was wonderful! He could have taken money for something we didn't actually need, but he was honest and helped us understand why we didn't need it and how to handle the situation. The advice he gave us fixed the situation and we truly appreciate ”

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    “Filing bankruptcy is an emotional and difficult experience. The staff at Licata were always reassuring and I felt cared for and understood. Thank you Licata Law Firm for helping me through a difficult time and for giving me a fresh start!”

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    “Recommend this team to help you out with your bankruptcy process, make it easy, make it safe, make it on time, chose Licata Law Firm, and listen to this professional team.”

    - Anamaria C.
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