Even wealthy celebrities have major credit card debt. Readers in St. Louis will be interested to hear of a recent lawsuit filed in a Missouri court against the hip hop star Nelly, whose real name is Cornel Iral Haynes, Jr. According to a recent news report, American Express claims the rapper owes more than $20,000 in credit card debt. Now the credit card giant has gone to court in pursuit of $20,403.64 to cover Nelly's alleged credit card bill, in addition to $3,000 in attorney's fees. Unfortunately, he can expect to start off the New Year by grappling with a credit card company over a rather sizeable debt. His court hearing was scheduled for Jan. 9.

Although most Missouri residents aren't famous hip hop artists, many people are nonetheless facing circumstances similar to Nelly's. Crushing debt can seem overwhelming, with few or no options to improve one's financial situation. Sometimes credit card companies do offer hardship payment plans, but even those don't always provide the breathing room people need to make ends meet. However, the truth is that options may still be available.

To some ears, it may sound extreme to suggest filing for bankruptcy as a means of dealing with insurmountable credit card debt. But bankruptcy can be an effective way of stopping creditor harassment, as well as stopping creditors from collecting.

The Bankruptcy Code was changed a few years ago, and there is a common misconception that credit card debt cannot be discharged through bankruptcy. But the reality is that credit card debt can still be discharged through a bankruptcy filing. Missouri residents who are concerned with such issues would likely do well to consult with a legal professional who knows the ins and outs of bankruptcy law, and who can provide individuals with an affordable means of achieving a brighter financial future.

Source: Business Insider, "American Express Is Suing Nelly For $20K In Unpaid Credit Card Debt," Lucy Lazarony, Dec. 28, 2011