Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

Can you only file bankruptcy on your credit cards?

DH and I are thinking of filing bankruptcy, but would like to only do it on our credit cards. They are what is killing us the most. Just wondering if it was possible or will we have to file on everything.

Answer Question
 
Anonymous

Asked by Anonymous at 11:16 PM on Jul. 9, 2009 in Money & Work

Answers (7)
  • you can file them just on your credit cards, you get to write down everything you want to file bankrupcy on
    looovemybabies

    Answer by looovemybabies at 11:27 PM on Jul. 9, 2009

  • Well in our case and in our State you could file for everything (minus child support, IRS, school loans, things like that) you were behind on and could keep your debt that you were current on. So we had a ton of medical bills, cc debt that we filed on but got to keep our home and cars. We filed Chapter 7 if you care to know and don't have to pay anything back. Now for Chapter 13 you have to pay monthly payments of the amount you filed on to your creditors. Hope this helps and it's different state by state.

    Anonymous

    Answer by Anonymous at 11:27 PM on Jul. 9, 2009

  • You can file for certain things, but your OVERALL ASSETS will determine whether your claim will be accepted or not! IF you own a home, car(s), work, etc., those assets will be taken into consideration, and a lien may be placed upon your home or your wages garnished.

    I would FIRST seek out the assistance of a "Debt Consolodation Company" BEFORE filing for bankruptcy! They can negotiate for low to no interest rates to help pay down your debt!

    Personal bankruptcy laws have changed in the past couple of years making it HARDER to claim financial hardship, and the bankruptcy will stay on your records for AT LEAST 10 YEARS, making it nearly impossible to buy a home, rent/lease a home/apartment, get a new/lease car, AND may actually affect future employment opportunities or promotions because you will be seen as "incapable of managing your money" and employers would be concerned you would "mismanage" (or steal) theirs!
    LoriKeet

    Answer by LoriKeet at 11:07 AM on Jul. 10, 2009

  • Personal bankruptcy laws have changed in the past couple of years making it HARDER to claim financial hardship, and the bankruptcy will stay on your records for AT LEAST 10 YEARS, making it nearly impossible to buy a home, rent/lease a home/apartment, get a new/lease car, AND may actually affect future employment opportunities or promotions because you will be seen as "incapable of managing your money" and employers would be concerned you would "mismanage" (or steal) theirs!
    ------------------------------------------------------------------------------------------------------------------------------------

    Not entirely true. After you file, you are given a plan to get your finances back on track. You can purchase a home, car, and gain employment. We filed CH 13 several years ago and I was able to gain a secret security clearance thru the government and I was promoted.
    Anonymous

    Answer by Anonymous at 11:20 AM on Jul. 10, 2009

  • This is what I was referring to in my post!

    A change to the bankruptcy law, effective October 17, 2005, requires credit counseling from a government approved organization sometime within the six month period before you can file for Chapter 13 Bankruptcy.

    Generally, all your credit history information, good or bad, remains on your report for seven years. If you file for personal bankruptcy, that fact remains on your credit report for 10 years. Beyond utilities, any credit card offers you receive (credit card companies are often willing to advertise to anyone) will take note of your lower credit score, driving your interest rate up.

    LoriKeet

    Answer by LoriKeet at 12:55 PM on Jul. 10, 2009

  • "it's different state by state"

    It is not different from state to state. Bankruptcies are handled at the Federal court.....
    Anonymous

    Answer by Anonymous at 5:34 PM on Jul. 10, 2009

  • Bankruptcies are done through FEDERAL COURT therefore it does NOT vary from state to state but it can vary from situation to situation. Contact a bankruptcy lawyer. Laws have changed since I filed. But I was able to keep my car and if I had a house, I would have been able to keep that and they weren't putting a lein on either. You can file just on cc debt, but if you are going to harm your credit you may as well file on as much as possible and get a fresh start. STAY AWAY from the consolodation places, you will end up paying more and some of them don't even pay the companies like they say. I tried one before bankruptcy and they rarely paid my bills like the contract stated. Bankruptcy falls off between 7-10 years after. After I filed, I got many cc offers, loan offers, etc. Most of my bankruptcy stuff is falling off this year and the rest within the next 3 years. Then it will be like starting over.
    tyfry7496

    Answer by tyfry7496 at 11:45 PM on Jul. 10, 2009

Join CafeMom now to contribute your answer and become part of our community. It's free and takes just a minute.