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may my credit card debt get wiped out if I file bankruptcy?

December 23rd, 2009 | | Tags: , , | 5 Comments | |

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I have about 30,000 in cc debt, so may that get wiped away if I file BK? If everyone else is doing it, why shoud I get stuck with my bill?

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5 Responses to “may my credit card debt get wiped out if I file bankruptcy?”

  1. adhdAwareness.com Says:
     December 23rd, 2009 at 8:03 pm

    There are other options. If you qualify for chapter 7, it will wipe away your debt. yea they can fight it, but as my friend the expert says, credit card companies can’t get anything out of bankruptcy anyway.

    If you don’t qualify for chapter 7, you can do some kind of settlement and pay them like $20-$100 a month for life (or till its paid off).

  2. golferwhoworks Says:
     December 23rd, 2009 at 8:03 pm

    only if you get discharged from the debt in chapter 7 –they can fight it

  3. Chuck M Says:
     December 23rd, 2009 at 8:03 pm

    Bankruptcy should be your last resort…it will do awful things to your credit rating.

  4. bearr41 Says:
     December 23rd, 2009 at 8:03 pm

    Hmmmm I agreed to these debt, but why should I pay them? REALLY?

    In most bankruptcy you restructure your debt, you don’t wipe them out.

    If you are that far in debt, you need to make some serious life changes. You need to cut your spending way back – no cell phone, no cable, no internet, no new clothes, no dining out. You should also try to increase your income by working overtime or getting a second job.

    It takes some serious lack of responsibility to rack up that much debt.

  5. rich b Says:
     December 23rd, 2009 at 8:03 pm

    It depends what chapter you file and depending on where your located. The laws have changed since I filled bankruptcy, when I did it… it wiped out all my debit… however you will have bad credit for about 7 years they say. But I have bought a new car and I have credit cards again (with High interestt rates. The cost of the bankruptcy is about $1250.00 to $1500.00, with $30,000.00 grand in debit, and depending on your situation it might be a good Idea. remember this does not include student loans and any debits secured by the government. As long as you don’t plan on needing your credit for a few years and plan to buy a house etc. You might want to contact a debit consolidation before you do it, you will need to anyway for the Bankruptcy (thats a part of the new rule). If they say they cant help you… Your a go! Oh… I believe that they are not wiping out all you debit, you must pay a certain percent…

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