QUESTION
Will bankruptcy get rid of my credit card debt?
Asked on Jan 08th, 2011 on Bankruptcy - California
More details to this question:
I have a chronic illness and what I get from social security does not help to pay my bills. Can I file bankruptcy in order to pay back my credit cards?
10 ANSWERS
Yes. In general, bankruptcy discharges (wipes out, gets rid of) credit card debt. The most common form of bankruptcy, Chapter 7, does not require that you make any payments on your old credit card debt. If your only income is social security, I am certain that your income will be low enough for you to qualify to file a Chapter 7 bankruptcy. To see if this is the best thing for you, talk to a certified specialist in bankruptcy law, like me: 310 271- 6223. I am happy to arrange a free consultation for you. There are exceptions to discharge set forth in 11 U.S.C. Section 523 like obtaining money or credit by fraud, or through the use of a false financial statement, that apply and in some cases can result in the denial of discharge of credit card debt. Again, it is best to consult with an expert in bankruptcy law before making your decision about whether or not to file bankruptcy.
Answered on Feb 12th, 2011 at 5:28 PM
Family Law Attorney serving Hackensack, NJ
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The Law Offices of Stuart Jon Bierman
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It seems that you are mostly talking about a Chapter 7 and it is very likely from what you said that if you file for Chapter 7 bankruptcy it will get rid of your credit card debts. There are some variables, such as whether or not you have equity in a home and if so how much, but in general if your debts are a lot larger then the value of your assets then you can file for Chapter 7 and it will get rid of your credit card bills. Good luck to you and I hope that your health gets better. Perhaps if and when you successfully file for Chapter 7 the reduction in debt-related stress will help improve your health.
Answered on Jan 13th, 2011 at 7:43 PM
Shawn Christopher
If you qualify for a chapter 7, which you should if your only income is social security, then your credit card debts should get erased. Also, if your only income is social security, even if a creditor sues you, they cannot seize social security benefits.
Answered on Jan 12th, 2011 at 1:43 PM
Alternative Dispute Resolution Attorney serving Ventura, CA
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Zahn Law Office
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You may qualify for a chapter 7 bankruptcy (liquidation) if you meet income and/or other requirements. A chapter 7 bankruptcy eliminates debts such as credit card debt. I would be happy to speak with you about your options. Please feel free to contact me for a free consultation.
Answered on Jan 11th, 2011 at 8:13 PM
Geoffrey C. Nwosu
Yes, you can eliminate most of your credit card debts by filing bankruptcy. Debts owed can be either secured with assets like cars, motorcycles, boats, planes, and homes or not secured. When unsecured, it means that the loan is not attached to any assets that you own. These unsecured debts and loans from your creditors can be eliminated if you have limited income or no income to pay for them.
Individual debtors can either file for chapter 7 bankruptcy or chapter 13 bankruptcy. You may qualify for chapter 7 bankruptcy if you have limited or no income within the last six months. New bankruptcy code now requires you take the means test. Your bankruptcy lawyer will explain the means test to you. We are the the Law office of Geoffrey C. Nwosu located in San Jose, California. We help individuals file chapter 7 and chapter 13 bankruptcy under the United States Bankruptcy Code.
Answered on Jan 10th, 2011 at 7:58 PM
Yes, bankruptcy can get rid of your credit card debt.
Answered on Jan 10th, 2011 at 7:43 PM
Family Law Attorney serving Kingston, NH
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DiManna Law Office, LLC
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You can file for bankruptcy to have your debt forgiven.
Answered on Jan 10th, 2011 at 6:58 PM
judith runyon
You asked 2 different questions.
In answer to your first question. A Chapter 7 bankruptcy discharges unsecured debt(credit cards) if you qualify for a chapter 7.
Answer to questions 2.
A Chapter 13 under the bankruptcy code provides for a repayment plan of up to 5 years to pay back your creditors. Again, you have to qualify for a chapter 13, as well.
If you have further questions, you may contact my office
Answered on Jan 10th, 2011 at 3:58 PM
Bankruptcy Attorney serving Hayward, CA
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Carballo Law Offices
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Yes, a Chapter 7 bankruptcy will almost certainly wipe out (discharge) your credit card debt forever given your low income. You do not need to pay any of the credit cards if your income is only social security. However, consideration must be given also to property you own. You do not give any information about what you own. If you have substantial property you own then that may affect your chances of obtaining a discharge. I recommend having a consultation with a local bankruptcy attorney to evaluate your case. You need to provide the attorney with a list of property you own and your income. If you really want to pay your credit card debt then you need to file a Chapter 13 case but given your low income it sounds like you cannot afford to pay back your credit card debt and Chapter 7 is probably the best option assuming you do not own property that cannot be exempted (protected).
Answered on Jan 10th, 2011 at 3:43 PM
Bankruptcy Attorney serving Victorville, CA
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Law Offices of Lady Justice
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Yes definitely. It gets rid of your credit card to give you a fresh start.
Answered on Jan 10th, 2011 at 3:13 PM