More details to this question:
I have a friend who did it and all her credit card debt was gone. She never had to repay it. I have $17,690 in Visa, around $2k in Capital One and still owe $22k for my emergency surgery on my ankle (and the physical therapy afterwards). Will all this get wiped out if I decide to file for bankruptcy? What are the pros and cons?She said it's on her credit for 7 years but she didn't care because her credit report was bad already so it didn't really hurt her.
14 ANSWERS
Bankruptcy pros and cons are unique to any given situation. It's kinda like your favorite food. You may love it. Someone else may hate it. There is no one-size-fits-all bankruptcy. You should consult a bankruptcy attorney to see if it is a good solution for you.
Answered on Apr 03rd, 2013 at 8:59 PM
Construction Litigation Attorney serving Mission Viejo, CA
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Law Office of Christian F. Paul
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Bankruptcy may or may not be right for you. You can find out by making an appointment with a local bankruptcy attorney and taking with you whatever documents he or she requests. Many attorneys give a free consultation. If you file a Chapter 7 bankruptcy petition, you will in effect be asking the court to declare that your debts (or most of them) are discharged, meaning you won't have to pay them back. (You can pay them back if you want to and can afford to, but you won't be obligated to.) The bankruptcy will stay on your credit report a long time, but your credit score might actually improve, because the debts will drop to zero. In any event, credit card companies will start seeking your business, because you won't be able to file for bankruptcy again for years, so you will be a good risk. You'll need to be careful with your finances, and in fact will have to take two courses on managing your finances before you can get your discharge, so pay attention to what they teach you. Hope this helps. Good luck.
Answered on Mar 25th, 2013 at 9:15 PM
You file bankruptcy on all the debt mentioned here. You would want to file a chapter 7 bankruptcy since all your dischargeable debt will be liquidated. Your credit score and report will be effected, however if you are already showing a low score, filing bankruptcy may assist you. It will be on your credit report for 7 years so keep that in mind. If you need your credit to purchase a home or car then you may want to wait to file bankruptcy since this is why you need a good credit score. If these do not matter to you, or you can wait to purchase these items, then filing may be a viable option for you.
Answered on Mar 25th, 2013 at 8:51 PM
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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Bankruptcy is a very complicated process. It is wise to talk to an experienced bankruptcy attorney before deciding to take this important step.
Answered on Mar 25th, 2013 at 12:44 AM
Bankruptcy Law Attorney serving Livingston, NJ
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Law Office of Stuart M. Nachbar, P.C.
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You are asking a great deal. You basically have it correct and if you qualify based on income you could have the debt wiped out. This applies in NJ.
Answered on Mar 24th, 2013 at 11:46 PM
To properly answer this question would take more space than this website allows. You need to understand that while perhaps your friend had the right criteria to file for bankruptcy, you may or you may not qualify to file bankruptcy. The repercussions to you may be different than the repercussions to your friend because you may own more things than she does which may or may not be protected from your creditors. There is nothing like consulting a bankruptcy attorney in person to get these answers behind closed doors and with complete confidentiality.
Answered on Mar 24th, 2013 at 9:41 PM
That is the aim of filing for bankruptcy you get rid of all your deny.
Answered on Mar 24th, 2013 at 8:55 PM
Deborah F. Bowinski
Yes, all those debts that you listed would ordinarily be dischargeable in a bankruptcy case. What you don't say is important information related to the size of your household, your household income, what if any assets you own, etc. You would be well advised to consult with a bankruptcy attorney who can review your entire situation and offer you more complete advice about whether and which type of bankruptcy is an appropriate option for you.
Answered on Mar 24th, 2013 at 8:53 PM
Bankruptcy Attorney serving Oakdale, CA
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Law Office of Todd Whiteley
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Each individual case gets results based on the particular facts and circumstances of the debtor. Nonetheless, a chapter 7 bankruptcy will usually discharge (never to repay) general unsecured debts like credit cards and medical bills. Often, a debtor's poor credit score will improve within 6 months after bankruptcy discharge is obtained.
Answered on Mar 24th, 2013 at 8:37 PM
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If you qualify for a chapter 7 all the debt is wiped clean. However, if you make too much money you may be required to file a chapter 13 which requires a monthly payment, so a portion of your debt would be paid. Each case is fact specific. If you have a low credit score filing bankruptcy can actually help you recover and improve your credit score over time.
Answered on Mar 24th, 2013 at 8:31 PM
Bankruptcy Attorney serving Concord, CA
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William Rubendall Attorney at Law
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When you file bankruptcy it remains on your credit report for 10 years. Most people are able to restore credit in one or two years, except for buying a house which takes three years. The kinds of debts you have are dischargeable in bankruptcy.
Answered on Mar 24th, 2013 at 8:31 PM
Bankruptcy Attorney serving Overland Park, KS
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The Smalley Law Firm, LLC
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Yes, in Chapter 7 bankruptcy you can generally discharge all unsecured debts such as credit cards and medical bills. I suggest you talk with a bankruptcy attorney to discuss the details of your situation.
Answered on Mar 24th, 2013 at 8:28 PM
Chapter 13 Bankruptcy Attorney serving Bloomington, MN
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Gregory J. Wald
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No lawyer can tell you what will happen in your particular bankruptcy without first learning all of the relevant facts related to your case. However, credit cards and medical bills are the types of debt that you can eliminate in a bankruptcy. Bankruptcy can be reported for ten years on your credit report, but you do not need to wait ten years to obtain more credit. If your credit is bad, bankruptcy can actually help it.
Answered on Mar 24th, 2013 at 8:27 PM
Alternative Dispute Resolution Attorney serving Ventura, CA
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Zahn Law Office
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The debt you are mentioning is all dischargeable (meaning you don't repay it after bankruptcy). Yes, your credit score will be affected, but only for a time.
It stays on your record for 7-10 years. Cons are it can make it difficult to build up new credit, rent an apartment, and you may lose some of your assets.
I suggest speaking with an attorney before you file.
Answered on Mar 22nd, 2013 at 2:18 PM