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What happens to credit card debt in a Chapter 7 bankruptcy?
I have been trying to figure out how to get on top of my credit card bills, but there is just no way. They keep raising the interest rates on me, and now I can’t even keep up with the minimum payments, which only costs me even more money in late fees and even higher interest.
If I file for chapter 7 bankruptcy, what will happen to my credit card debt? Will it be erased?
All Chapter 7 Questions & Advice
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Answers
If you are able to pass the means test and qualify for chapter 7 bankruptcy, then your credit card debt will most likely be discharged. Once the discharge happens, you are no longer liable to repay that debt, so it is essentially “erased”.
Your credit card companies will not be able to recover any more money from you, and they will essentially consider the accounts uncollectable and close them.
If you make too much to file for chapter 7, then your attorney will probably get you into a chapter 13 repayment plan. In this type of bankruptcy, an experienced attorney can reduce your monthly payment low enough that much of the unsecured credit card debt will be erased anyway, leaving only secured creditors like a car loan and mortgage.
Talk to a bankruptcy lawyer to find out how bankruptcy can help you get out from under credit card debt, and get you the fresh start promised by the US Bankruptcy Court.
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Posted by Domenica Ginocchio on 29 Mar 2010
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