Bankruptcy Credit Card Debt

I have been told recently that you can no longer file for bankruptcy on credit card debt. I am curious if this is true and if it is; what is someone $40,000 in credit card debt trying to get an education and support a family supposed to do? I have one credit card that refuses to work with credit agencies. What do I do now? I know it is my debt, but I was a young single mother and now I am in way over my head; barely living from paycheck to paycheck. What can I do to survive while I try to finish college and support my family?

You know what I found out about credit card companies? They are so full of bluff it's not even funny. One day, I got so sick and tired of trying to work with the card company on a feasible plan to pay off my debt that when they had called me for the third time in one day and asked "when are you going to be able to make a payment" I just said "I will send you a payment by check, today". I did, I sent them ten dollars.

They complained, they harangued, they argued and threatened, but they cashed it and every month I sent them a check for ten bucks until I was better able to pay. Oh yeah, don't forget to tell them to close the account, if it is not already done. That way, there is a set amount you will owe and not one that incurs interest.

Don't argue with them or let them threaten you, just say "This is all I can pay right now, and when I can pay more, I will ... do what you have to do" and hang up. Unless you owe hundreds of thousands or something lol, they won't even bother taking you to court and here's why: if you've been making payments that shows a willingness to pay the debt, so the court won't let them garnish your wages (in some states they can't do that anyway). It doesn't matter what the amount is to the court. :)

But pay the thing off when you can, don't be a slacker, okay? That's not cool.

2006-08-10 16:02:38 by gracefullady77

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I have about $90000 credit card (non secured) debt. I am employed making about $47000 (gross) per year and supporting a family of 4. I am very scared. I want to some how start a new life without the fear and stress. I want to make sure that filing bankruptcy is the best way to go and I won't end up in court facing some serious consequences.

Hi, I emailed you, hope you don't mind. I can only suggest how I can help you.

2008-09-07 13:09:05 by I am in hell

Price: $14.95

I currently owe $45,000 in student loans and I am having a hard time paying them off. The loans are private (sallie mae) and I am not elligible for consolidating them via federal loans since I am not a US citizen. I was not able to get a visa so I had to leave the US. I live in Europe now.

I understand that declaring bankruptcy would not cancel out the student loans, but I have read that bankruptcy could cancel out credit card debt. I have a good credit score (790), so given some time, with an even higher credit score, I may be able to transfer my loans to a few credit cards.

What are the laws regarding credit card debt and bankruptcy? What difference does it make that I am not a US citizen and do not live in the US?

I would strongly advise you not to go that way. You will carry that mark against you for life. Talk to your student loan creditors and tell them that you are doing it really tough. Most will understand and help you come to a better arrangement that's suitable to you both. I have been in a similar position to you and I worked out a solution with my creditors. Maybe you could talk to a financial adviser who could show you various options. Good Luck.

2007-04-16 09:04:53 by migueljuan

Price: $19.99

ok i got like $10,000 credit card debt from like real estate scams and so on. i been paying minimum on credit card debt and my saving account is almost dry. and i'm unemployed now and no money coming in. i can't even go back to school for a degree because i'm so tied up. is bankruptcy a good option for me? when would i be able to get credit card again after bankruptcy? when would i have option to get mortgage for real estate after bankruptcy? how difficult is it to get good credit after bankruptcy?

Go wash pots in a restaurant. Do double turn. I could find you a job doing that in the next 30 minutes.
Grab the phone book and phone everyone. Kitchen Porter is called.
In a year you have paid your debt off.
Or be bankrupt.

2010-01-07 21:53:13 by curiousone

Or should I consolidate my debt with the National Foundation for Credit Counseling which is a national organization? Is this a good idea to do or should I try one of those debt mangment programs like Allied or CareOne debt program?

What is the best thing to do right now for me?

Your ability to file for a bankruptcy is NOT determined by your amount of debt, but your ability to repay the debt.

To even be able to file for a Chapter 7 you are going to have to pass two means tests. The first is if you earn more than the average for your state, the second is if you have at least $100 in disposable income each month to pay back a portion of your debts. If you fail on either of these you could be forced into a Chapter 13 bankruptcy.

Now, if you are even considering Debt Management, it sounds as if you would be determined to have the ability to repay at least a portion. So you probably would not even qualify for a Chapter 7. So I would go the DMP route at first. If after you talk to them you find you can't afford to do that then talk to a bankrupcy attorney. Most will give you a free short consultation.

2008-03-12 22:03:54 by Pinto B