You credit card debt, for the most part is discharged when you file for bankruptcy. As soon as a debtor files for bankruptcy, there is an automatic stay and most creditors must stop their collection efforts. Thus, the debtor can begin rebuilding his credit; financially-speaking, the debtor can start over.
You have to, it is a debt...it is just a secured debt...by the lien on the property.
Credit card debt consolidation with the help of an accountant or a debt consolidation service and careful management of income can be helpful steps in reducing your credit card debt without declaring bankruptcy.
A Chapter 7 BK can eliminate credit card debt.
There are many places where one can get help for credit and debt bankruptcy. For example, Debt Advisors Scotland, Consumer Information and Total Bankruptcy.
credit card debt
You will owe your credit card debt until it is forgiven, discharged in bankruptcy or paid off. Credit card debt can be negotiated down with the creditors.
Bankruptcy would be more credit damaging than just having large credit card debt, mainly because it stays on your credit report for longer. One of the biggest disadvantages of filing for bankruptcy is the lasting effect it has on your credit report- typically staying on your report for 7-10 years. With credit card debt there are more flexible options and obviously when you pay the debt and does not stay on your report for as long.
"Whether a debtor keeps credit cards after filing bankruptcy is up to the credit card company. If you are discharging a credit card they will cancel the card unless you reaffirm the debt. Even if you have a zero balance the credit card company might cancel the card."
No. The card holder is responsible for all debt on the credit they extended to him. (You may be responsible to the credit card holder for the debt he incurred for you, if that was your agreement).
== == NO, you have to turn in any credit cards and include the credit card debts in the bankruptcy. You can't pick and choose what debts you are going to include.
There is no legal way to erase credit card debt without filing for bankruptcy. If this was possible, then the inventor would be extremely rich, and no-one would have any debts.
You are not supposed to do this. You need to list all of your debt. In all likelihood, what will probably happen is that the credit card will find out about it anyway and cancel the card. Even if you have a 0 balance, the credit card will probably take it upon themselves and cancel the card.
The limitation is 4 to 6 years depending on the type of credit card debt. Many people declare bankruptcy when they could just wait for the debt to disappear.
No, credit card debt is always considered "unsecured" regardless of what legal action may have been implemented in the collection of monies owed,
Declaring bankruptcy does not allow you to go out and spend money without having to pay it back. Yes, the debt is not covered by the Chapter 13 filing, so they can do what they can to collect the new debt.
The easiest way to get rid of a credit card debt is to take stock of finances. Some other easy ways to get rid of a credit card debt are to cash in investments, create a plan, file for bankruptcy and many more.
NO... the debt remains on file with the creditor. If you apply for credit at a later date (after the bankruptcy has been resolved) - your history will still be available to anyone who does a credit search on your name. Creditors can still come after you for their money if you re-start a credit account.
The Debt goes to be paid by his estate, if there is no money to pay the debt it just bad luck for the credit card company.
It is up to the credit card company/bank to give you a credit card. If they approve you, that is their risk. Lately, card companies purposely target people with bad credit (including people who have gone through bankruptcy) because they have a better chance of making a profit through late fees and high interest. Also, new bankruptcy laws state that credit card debt can now not be relieved through bankruptcy. So, if you have bad credit or you are an idiot with your money, don't fool around with credit cards.
No, presuming the credit card holder makes all the payments he is supposed to...the user is not liable for the debt on the card, and it is not part of his BK.
Been paying a credit card under a payment agrement the company sold on the debt to another company and the have sent a letter and a draft of a bankruptcy order for the full amount!
There are several places that one can find information about the trends of college student credit card debt. Two such websites would be Total Bankruptcy as well as Credit.
A credit card debt will be granted a judgment possibly and then the company can pursue you to collect the debt. A garnishment could even be awarded, although this is rare on unsecured debt.
You are STILL liable for the balance owing on the account. It is up to the credit card company how they decide to recover the debt. Companies would rather recover debt at a lower repayment over a longer period - than wipe out the debt altogether.