Comments on: Can you eliminate credit card debt by declaring bankruptcy?

By: bcnu

bcnu — Sun, 27 Dec 2009 01:01:06 +0000

Some bankruptcy courts could view massive credit card debt as evidence of criminal fraud and not discharge the most recent two years of such debt, absent some showing that the debtor had a reasonable expectation of being able to pay it off when first incurring the debt.

By: I love the wwe divas

I love the wwe divas — Thu, 24 Dec 2009 04:11:52 +0000

Chapter 7 bankruptcy will wipe out all unsecured debt.

By: left the lights on again

left the lights on again — Wed, 23 Dec 2009 15:23:41 +0000

Yes, you can. You can get it “wiped out”, but based on your income, you may need to file Chapter 13 instead of 7. With a 13, you pay back a small portion of the debt over a 4-6 year period. After your bankruptcy has been discharged, you can get more credit cards, but they will be a significantly higher rate of interest. With any kind of personal bankruptcy, you can keep your home and vehicle and have other debts removed. It does stay on your credit report for a minimum of 7 years, which means anything involving credit will be given at a higher rate of interest.