Can I File Bankruptcy on Credit Cards Only?
You can file bankruptcy on just credit cards — you must list all of your credit cards and all of your debts when you file bankruptcy. Some people have gotten the wrong idea that bankruptcy help is no longer available for credit cards, medical bills or other categories of bills. The credit card industry spent millions of dollars promoting an anti-debtor message, which resulted in the passage of the pro-creditor bankruptcy amendments, BAPCPA — the myth grew with all the media stories about the law changes.
Chapter 7 allows permanent discharge of most of your existing bills, including credit card debts. Chapter 13 permits a partial, court-supervised debt repayment plan. If you lied to get credit card accounts or charged luxury items shortly before filing bankruptcy, those debts will be excluded from your case. Depending on the severity of the situation, your entire case could be denied and you could even be prosecuted for bankruptcy fraud.
However, just because you list a debt does not mean a judge will allow you to discharge it. Tax bills incurred less than three years before filing bankruptcy, child support, alimony, and court fines must be fully repaid despite your financial situation. If you were sued due to criminal activities, you cannot include that debt in bankruptcy. Generally, you cannot discharge government-issued student loans. A judge will only approve a rare exception to this law if you can prove a serious disability, your college is out of business, or you were allowed to attend classes without having a high school equivalency diploma or taking a placement test.
The truth is that bankruptcy help is still available! Most debtors can discharge medical bills, credit cards and other debts just as they did under the old law. There are exceptions in a very small percentage of cases — your bankruptcy lawyer will evaluate your situation and determine what debts you can and cannot discharge in bankruptcy.
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