Comments on: Can you eliminate credit card debt by declaring bankruptcy? http://www.forrentorsaleinbelgrade.com/credit-card-debt/can-you-eliminate-credit-card-debt-by-declaring-bankruptcy Sun, 05 Feb 2012 19:39:30 -0600 http://wordpress.org/?v=2.8.4 hourly 1 By: Lauren F http://www.forrentorsaleinbelgrade.com/credit-card-debt/can-you-eliminate-credit-card-debt-by-declaring-bankruptcy/comment-page-1#comment-669 Lauren F Mon, 28 Dec 2009 22:37:59 +0000 http://www.forrentorsaleinbelgrade.com/credit-card-debt/can-you-eliminate-credit-card-debt-by-declaring-bankruptcy#comment-669 It depends on what their income is, how they managed to get $80,000 in debt, and whether or not they have a reasonable ability to repay the debt. Also, if the debt was very recently incurred, that will make a bankruptcy court look a little skeptical at the claim. Your friend should talk with a skilled bankruptcy attorney and determine if their situation makes sense for such a claim. Be aware that the filing will trash their credit score and make it difficult, and very, very expensive, to get anything on credit for at least 10 years. The few banks/credit cards that might give them another chance know that the person can't file for bankruptcy again, so they will charge at least 30% interest - maybe more - knowing the person will have to pay and can't go elsewhere to get credit. BTW - Are you aware that you are going to help pay this debt for them, in the form of higher interest rates you pay because this person did not keep his/her promises? There is no free lunch. When someone runs up this kind of debt and defaults, we all end up paying.<br><b>References : </b><br> It depends on what their income is, how they managed to get $80,000 in debt, and whether or not they have a reasonable ability to repay the debt. Also, if the debt was very recently incurred, that will make a bankruptcy court look a little skeptical at the claim.

Your friend should talk with a skilled bankruptcy attorney and determine if their situation makes sense for such a claim.

Be aware that the filing will trash their credit score and make it difficult, and very, very expensive, to get anything on credit for at least 10 years. The few banks/credit cards that might give them another chance know that the person can’t file for bankruptcy again, so they will charge at least 30% interest – maybe more – knowing the person will have to pay and can’t go elsewhere to get credit.

BTW – Are you aware that you are going to help pay this debt for them, in the form of higher interest rates you pay because this person did not keep his/her promises? There is no free lunch. When someone runs up this kind of debt and defaults, we all end up paying.
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]]> By: bcnu http://www.forrentorsaleinbelgrade.com/credit-card-debt/can-you-eliminate-credit-card-debt-by-declaring-bankruptcy/comment-page-1#comment-668 bcnu Mon, 28 Dec 2009 22:19:59 +0000 http://www.forrentorsaleinbelgrade.com/credit-card-debt/can-you-eliminate-credit-card-debt-by-declaring-bankruptcy#comment-668 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.<br><b>References : </b><br> 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.
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]]> By: I love the wwe divas http://www.forrentorsaleinbelgrade.com/credit-card-debt/can-you-eliminate-credit-card-debt-by-declaring-bankruptcy/comment-page-1#comment-667 I love the wwe divas Mon, 28 Dec 2009 21:37:59 +0000 http://www.forrentorsaleinbelgrade.com/credit-card-debt/can-you-eliminate-credit-card-debt-by-declaring-bankruptcy#comment-667 Chapter 7 bankruptcy will wipe out all unsecured debt.<br><b>References : </b><br> Chapter 7 bankruptcy will wipe out all unsecured debt.
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]]> By: left the lights on again http://www.forrentorsaleinbelgrade.com/credit-card-debt/can-you-eliminate-credit-card-debt-by-declaring-bankruptcy/comment-page-1#comment-666 left the lights on again Mon, 28 Dec 2009 21:07:59 +0000 http://www.forrentorsaleinbelgrade.com/credit-card-debt/can-you-eliminate-credit-card-debt-by-declaring-bankruptcy#comment-666 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.<br><b>References : </b><br> 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.
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