Can an individual eliminate credit card debt by declaring bankruptcy? I didn't think you could wipe it out, just get the bill collectors off your back. but, someone told me that it depends on which chapter of bankruptcy you use. The right one WILL eliminate credit card debt. I know someone who has $80,000 in credit card debt and they are trying to do that to get rid of that debt! Is it really possible? are there any restrictions in doing this. can you ever get a credit card again if you do it?
hey before you do that, pls be guided by this resource
Bankruptcy can eliminate all debt including credit card. The court looks at your circumstances and decides whether you are eligible to file Chapter 7 or Chapter 13. In some cases, Chapter 13 pays every penny back.
Bankruptcy stays on your credit report for 10 years. it will affect all sorts of things in your future,including some jobs. You will have to pay high interest on any kind of loan. it is not an easy way to get out of your debt.
Yes, credit card debt is dischargeable in chapter 7 bankruptcy. The court will seize all your assets, liquidate them to pay off as much of the debt as possible, and discharge the rest. The only assets that are exempt are the necessities of life, such as clothes, food, a small amount of equity in your home and car, etc. And it will be very difficult to get a credit card for at least 5-10 years after bankruptcy.
Donot go for bankruptcy it will stay on your report for another 7-10 years so be careful about it.You can consult with a debt consolidation agency but all are not good . Try to get some who are BBB online registered organisations and are member of US chamber of commerce and then apply online and get their help. they will help you to fix your credit and also relief you from the debt.
To know more you can visit
http://www.debtconsolidationmanagement.b…
and
http://www.creditcardbiz.blogspot.com
Can you eliminate credit card debt by declaring bankruptcy?
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I’m not going to excuse the banks for performing garbage due diligence but that does not change the fact that by not paying off your credit card debt you are stealing from society.