Bankruptcy

If You Were A Zillion Dollar Credit Card Company, Would You WANT to Drive People into my Office?

By Joseph McDaniel, Esq.

I'm torn. I am not happy with the behavior of credit card companies, but they're sending me so much business, I almost feel compelled to find out if they prefer gift baskets with fruit and chocolates or with nuts and gourmet coffee.

I was talking to YET ANOTHER hardworking, do-the-right-thing kinda potential client today, who said, YET AGAIN, that she had worked two jobs to keep all her credit cards up to date.

And then, with a credit card company she'd been with for twenty years, she was ONE HOUR LATE making a payment. And her interest rate instantly went up from 2% to 29%.

Then the big rock she was pushing up that steep hill got bigger, and then bigger, and then bigger, and then it rolled back over her hardworking, try-to-do-the-right-thing back, and when she regained consciousness, she realized that the companies she had worked so hard to make happy for so very long didn't care if she lived or died, and apparently wanted her to file a bankruptcy so she could shop someplace other than Walmart.

She has four kids, by the way.

So I listened to her talking, and I said, you know, sounds to me as though you'd sleep a lot better if you didn't have a hundred thousand in credit card debt (it used to be a lot less, before the credit card companies piled on massive interest rates and penalties).

She agreed.

So we're going to talk some more about it, and she's ultimately going to have a little more money to spend on the four kids.

And by the way, can you spell corporate stupidity?

NOTHING HERE CONSTITUTES LEGAL ADVICE RE A CHAPTER 7, CHAPTER 13, CHAPTER 11, OR CHAPTER 12. FIND AN ARIZONA BANKRUPTCY LAWYER WHO IS BOARD CERTIFIED IN BANKRUPTCY LAW, AV RATED, AVVO 10 RATED, ON SUPERLAWYERS, OR JUST VERY EXPERIENCED AND A FORMER CHAIR OF SOME BANKRUPTCY SECTION OR COMMITTEE. NOTHING HERE MAY BE USED AS LEGAL ADVICE IN CONNECTION WITH ANY BANKRUPTCY, WHETHER THAT BANKRUPTCY IS IN PHOENIX, GLENDALE, TEMPE, MESA, SCOTTSDALE, OR ANYWHERE ELSE.

Full post as published by Arizona Bankruptcy Attorney Blog on February 26, 2010 (boomark / email).