Filing Bankruptcy For Credit Card Debt The Easy Way

File for Bankruptcy Filing Bankruptcy For Credit Card Debt The Easy Way

Filing Bankruptcy For Credit Card Debt

Although the social stigma attached to bankruptcy causes many to disregard the option, it should not be discounted. Filing for bankruptcy for credit card debt is not uncommon. Keep reading to find out what the requirements are for filing for bankruptcy and what debts can be discharged as a result. Then find out about DoNotPay and the product that can assist you if you decide to File For Bankruptcy. Here are some more of the articles from the File For Bankruptcy product series to check out as well.

What Happens When You File for Bankruptcy?

There are two types of bankruptcy for an individual to consider.

Chapter 7Chapter 13
  • You petition the court.
  • The court assesses your assets to determine if you have non-exempt assets that can be liquidated.
  • The money from liquidated assets is used to pay some amount of the debt owed.
  • The remainder of the debt owed is discharged within four to six months.
  • The activity stays on your credit report for ten years, affecting your ability to get credit.
 

  • You petition the court.
  • The court will assess assets, income, and debts.
  • The court will work with the debtor to define a workable payment arrangement.
  • The payment arrangement is generally spread out over three to five years.
  • After you have made all the scheduled payments, the remainder of your debt is discharged.
  • The activity stays on your credit report for seven years, affecting your ability to get credit.

Can Credit Card Debt Be Discharged Through Bankruptcy?

When debts are discharged, the debtor is no longer required to pay the debt. When filing chapter 7, many unsecured debts that remain after the liquidation of non-exempt assets are discharged. When filing chapter 13, many unsecured debts that are not paid in full through the payment arrangement can be discharged at the end of the arrangement terms. These are some of the credit card debts that are either discharged or not, depending on the creditor and your arrangement, when you file for bankruptcy.

Dischargeable DebtNot Dischargeable Debt
  • Tax debts
  • Judgments
  • Medical Bills
  • Utility Bills
  • Credit Card Debt
  • Child Support
  • Alimony
  • Student Loans
  • Mortgage Loans

Is Bankruptcy Right for You?

If you are considering filing for bankruptcy, there are two questions you must determine the answer to:

  • Is your debt more than half of your current income?
  • Will it take five or more years to pay off your debt?

If you answered yes to one or both questions, bankruptcy may be the right choice for you.

Use DoNotPay To File for Bankruptcy

How to file for bankruptcy using DoNotPay:

If you want to file for bankruptcy but don't know where to start, DoNotPay has you covered in 5 easy steps:

  • Search for File for Bankruptcy on DoNotPay.

     

  • Put together a list of your debts, expenses, and assets. If you need help accessing information like your credit report, DoNotPay can help you get your report.

     

  • Let DoNotPay walk you through your bankruptcy options and help you determine whether a Chapter 7, Chapter 12, or Chapter 13 bankruptcy is right for you.

     

  • DoNotPay will then help find the best credit counseling course near you, which you need to complete before filing your bankruptcy forms.

     

  • Lastly, DoNotPay will gather all of the forms you need (including available fee waivers) and help you locate your nearest bankruptcy court. All you have to do is complete the required forms, prepare your filing fee, and file the application with your local court.

 

And that's it. Once done, the court will give you:

  • Your bankruptcy case number
  • The name of your bankruptcy trustee
  • The date, time, and location of your meeting with your trustee

At this point, your case has been filed! Congrats! The automatic stay now protects you from all debt collectors. Your trustee will then contact you for further financial documents you will need to provide. Make sure to attend your meeting as well as complete the post-filing bankruptcy debtors course.

Why You Should Use DoNotPay to File for Bankruptcy

When you use DoNotPay there is no need to worry if you filled out the right forms or if you are filing the right type of bankruptcy. These products work like a personal assistant gathering the information you need and finding ways to save you money at the same time. Here are a few more articles from the File For Bankruptcy product series.

What Else DoNotPay Can Do for You

The products offered by DoNotPay can do many things on your behalf, saving you time and money. Time-consuming tasks that you just cannot fit into your schedule. These products handle your tasks quickly, easily, and successfully. Here are some of the other product series from DoNotPay.

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