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What does it mean to go Bankrupt and do you still have to pay off credit cards?

My husband has tons of credit cards and I'm thinking of chopping them in half!What would happen if I did that and he didn't use them anymore?


Asked by countingsparows at 1:28 PM on Mar. 17, 2009 in Money & Work

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This question is closed.
Answers (5)
  • I know the feeling but you have to talk to him, not just cut up his cards. He can always get new ones. If you have any assets or income at all, you will be put into a payment plan and not have the use of the credit cards, and you will have to pay a lot for a lawyer up front before you do anything.

    Answer by LauraMi261 at 1:50 PM on Mar. 17, 2009

  • I don't understand your question. Just cutting them up dosen't make the debt go away. And if your thinking bankruptcy, depending on the type you are eligible for, you could still have to repay a portion of the debt. They made it harder to just walk away owing nothing.

    Answer by Anonymous at 1:39 PM on Mar. 17, 2009

  • That's good to know.We need to get away from credit cards,the urge to cut them up is what I want to do because it might be the only way for him to realize he can't afford them.But now that I think about it we have to have the credit cards because he doesn't have a job he's not bringing money in,he charges everything.It's not right,but this is survival here?All he does is pay the credit card and he's free to spend,why don't the credit card companies check his bank account?

    Answer by countingsparows at 1:47 PM on Mar. 17, 2009

  • You should definitely cut up the credit cards and start paying the balances off. Bankruptcy is not a fix all. There are repercussions. Go out and get The Dave Ramsey Total Money Makeover. And start paying off your debt! But, no, cutting up the credit cards does not make the debt go away.


    Answer by feesharose at 2:41 PM on Mar. 17, 2009

  • My husband said;if he became bankrupt he wouldn't need to pay it back.He's able to keep his credit cards because he's had them once when he had a job and so his credit is good but I think the credit card companies should keep track of his money in the bank too.

    Answer by countingsparows at 2:54 PM on Mar. 17, 2009