Credit Cards, Necessities and Bankruptcy

In this day and age money is needed from a small and large scale. For instance, our country is in an economic recession and even our national debt is at a record high. Individuals today are feeling both of these in many various aspects from employment, to income, to even what bills they are paying for and what food is being put on the table. Many individuals are not only fighting for their jobs and staying afloat in the job market, but they are simply trying to make sure they are just on their feet still standing at the end of everyday.

However, sometimes individuals are faced with situations that luck is not on their side that results in their employment termination, or having to take out money in order to pay for something that was unexpected. Credit cards are there in the minds of individuals as a lifeline to help them climb out of a hole with money that they might not have available in their banking account, or income at all.

Necessities have evolved over time to having to pay for electrical bills, buying food for your family, having clothing, and shelter for themselves and family. However, if you are currently in bankruptcy and you charge necessities to a credit card such as clothing, food, and shelter will you be prevented from filing bankruptcy?

The correct answer is no. Within bankruptcy stature, Section 523(a)(2) states basically that individuals can still file bankruptcy if charges were made on necessities that are within the reasonable spending limit of $500 that are not luxury items. Although the government may sometimes be seen as something that is not always on everyone’s side individuals can rely on the care and help that bankruptcy laws state in order to make sure that they are still living with things that they need for themselves and their families.

Bankruptcy is a real action that many individuals today are coming to face. When your facing a potential bankruptcy, individuals are advised to seek legal consul of a dedicated, determined attorney that is there to fight for their rights and needs.

Rosenstein Law Group has the experienced staff that knows your struggles, and they are ready and waiting to help you find a solution. Their answers are straightforward, and their solutions are effective. At Rosenstein Law Group, they have people waiting 24 hours a day, every day to take your phone call. Their number is 480-248-7666. They are knowledgeable, skilled, and waiting for you to call so that they may help you through this time of hardship and back on the path to prosperity.


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