Can an individual eliminate credit card debt by declaring bankruptcy? I didn’t think you could wipe it out, just get the bill collectors off your back. But, someone told me that it depends on which chapter of bankruptcy you use. The right one WILL eliminate credit card debt. I know someone who has $80,000 in credit card debt and they are trying to do that to get rid of that debt! Is it really possible? Are there any restrictions in doing this. Can you ever get a credit card again if you do it?If you file bankruptcy to eliminate all debt, do you have to give up ALL of your possessions? Will you have anything left?This is for a friend of mine (really). They don’t own a home. They have 2 cars and some furniture and A 401k plan. Between the two of them they make about $40,000 a year. I don’t see how debt consolidation will help them How could they EVER pay off $80,000!?! They had a house but they used up all the equity in it over the years and sold it recently and broke even on the deal, ending up with NOTHING! What a mess! I just didn’t think they could wipe out their credit card debt! And, it really isn’t fair to the rest of us that pay our bills!
Can you eliminate credit card debt by declaring bankruptcy?
Tags: Cars, Furniture, credit card debt