QUESTION
Can I include my credit card debt in bankruptcy?
Asked on Mar 30th, 2011 on Bankruptcy - Colorado
More details to this question:
I am considering going bankrupt. This will be the 2nd time in my life so I am reluctant. But I have a large amount of credit card debt and medical debt. Since losing my full time job, I cannot keep up with payments and I also have student loan debt that I cannot default on.
A large portion of my credit card debt is from one credit card. I was an authorized user of the card, but the actual card was originally given to my grandmother. I have incurred debt on this card since her passing three years ago. I want to know if I do decide to file for bankruptcy...A) can I face any legal action for using this card that is in my name but because the credit wasn't originally given to me? and B) can I include this debt in my bankruptcy filing or could I leave it out and continue to pay for it?
I also wonder. I am engaged to be married and am also reluctant to file for bankruptcy because I do not want to hurt my future husband's credit or our future. But, given the large amount of debt I am beginning to wonder if bankruptcy is our only option. Better to do it before getting married or wait and then have to do it later?
2 ANSWERS
Bankruptcy Attorney serving Cleveland, OH
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Benson Law Firm
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Yes, you can include credit card debt in your bankruptcy. All debts are included. The only question is how they are treated. As to the timing of your bankruptcy, I would suggest filing before you get married because your fiancee's income will not be included to determine whether you qualify for a Chapter 7. If you wait until you get married, it is possible that your combined income would exceed the median and make it very difficult to qualify under Chapter 7.
Answered on Apr 08th, 2011 at 9:23 AM
Bankruptcy & Debt Attorney serving Longmont, CO
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William Edward Zurinskas
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Yes, you can include your credit card debt in chapter 7 bankruptcy, as well as in chapter 13 bankruptcy. Almost all bankruptcies include some credit card debt. It is mandatory to list ALL debts in bankruptcy. Whether or not the credit card debt is dischargeable in bankruptcy is another matter. Credit cards debts incured with intent to defraud may be nondischargeable. You must talk to an experienced bankruptcy attorney before filing your bankruptcy since your facts suggest problems.
Answered on Apr 01st, 2011 at 8:36 AM