bankruptcy 2008
Monday, October 25th, 2010
Credit card offers seem to arrive each day in the mail. And they offer such sweet deals. Go to a retailer and they will give you a 10% discount if you will sign up for a credit card and use it for your purchase. It is no wonder that a lot of people have large amounts of credit card debt. For some people the amount gets to be so large and difficult to pay that they begin to think of filing credit card bankruptcy. It sounds so simple, but is it?
First, there is no such thing as credit card bankruptcy. There are two types of personal bankruptcy – Chapter 7 bankruptcy and Chapter 13 bankruptcy. Whenever you file for either of these types of bankruptcy, you must list all of your debts – credit cards, mortgage, medical bills, car loans, etc. You cannot simply select which debts you want to list. By federal law, you must list all of your debts.
Next, there are generally two types of credit cards that consumers use. There are the standard, multi-purpose, multi-location type of cards. These are primarily the master card(tm) and visa(tm) type of credit cards. The second type are the store credit cards which are designed to be used only in a specific company’s stores. A good example of this is a Sears credit card.
There are also two types of debt – unsecured and secured. Most of the time when the multi-purpose, multi-location type of credit cards and store credit cards are used, they create unsecured debt. This means that you did not put anything up as collateral for the credit card loan with which you make the purchase. However, with some store credit cards, when you purchase durable goods, such as appliances, jewelry, etc., the store will retain a security interest in the items that you purchased. This means that if you do not pay the credit card debt for the item, the store can seek repossession of the items that you purchased.
If your credit card debt is primarily from the multi-purpose, multi-location type of credit cards and is unsecured debt, then filing bankruptcy under Chapter 7 may be your best bet because it will discharge unsecured debt. Of course, you must consider all factors because you could lose property in a Chapter 7.
If your credit card debt is primarily from the store type of credit card where the store retains a security interest in the items purchased, you can try filing bankruptcy under Chapter 13. Depending on a number of factors, you may be able to pay for the value of the items instead of the original price of the items.
It is important to remember that when you file bankruptcy, you file against all of your creditors, not just against credit cards. It is also important to remember that personal bankruptcy has disadvantages such as possibly losing property and long term negative affects on your credit. Filing bankruptcy should not be taken lightly. Consider all factors and not just your credit card debt.
This is general information. If you need specific information or have any questions of any nature whatsoever, talk with a lawyer licensed in your state.
This article may be republished, but the wording must not be changed and the author links must remain active.
Stop! Did you know that bankruptcy was created to give people a fresh start? Find out more at bankruptcy information. And click here for more insights on filing bankruptcy.
|
|
Bankruptcy Code, Rules and Official Forms, 2008-2009 ed. $99.96 |
|
|
Lionel 6-29626 Case Closed Mint Car Uncatalogued 2008 Bankruptcy Shredded docs $59.95 |
|
|
Basic Bankruptcy Law for Paralegals by David L. Buchbinder (2008, Other,… $40.00 |
|
|
Bankruptcy: 2008 Supplement NEW by William D. Warren $30.58 |
|
|
BANKRUPTCY 2008 SUPPLEMENT – DANIEL J. BUSSEL WILLIAM D. WARREN (PAPERBACK) NEW $30.56 |
|
|
Basic Bankruptcy Law for Paralegals by David L. Buchbinder (2008, Other,… $29.95 |
|
|
Bankruptcy & Article 9: 2008 Statutory Supplement by… $25.95 |
|
|
Bankruptcy & Article 9: 2008 Statutory Supplement by… $19.99 |
|
|
Bankruptcy Code, Rules and Forms 2008: Including Fed… $18.95 |
|
|
Basic Bankruptcy Law for Paralegals by David L. Buchbinder (2008, Other,… $14.99 |
|
|
Chapter 13 Bankruptcy by Elias & Leonard, 9th Ed (2008) $12.95 |
|
|
Bankruptcy Law by Sandra Coaxum Allen (2008, Hardcover) $10.75 |
|
|
Bankruptcy Code, Rules and Official Forms by West (2008, Paperback) $9.99 |
|
|
Bankruptcy Code and Related Materials for Law Students, 2008-2009 Edition, David $8.99 |
|
|
Roma Perez – Barcharts Bankruptcy (2008) – New – Other $4.31 |
|
|
Bankruptcy & Article 9 2008 Supplement, Elizabeth Warren, Acceptable Book $1.00 |
|
|
Fool’s Gold (Widescreen Edition) $2.84 Matthew McConaughey and Kate Hudson go for the gold (and the diamonds emeralds and rubies) as a just-divorced couple who bicker and banter their way through an adventure- and laugh-packed undersea treasure hunt. McConaughey is Finn in love with his ex (Hudson) and in deep with gangster Bigg Bunny. After eight years of searching Finn gets a clue to the whereabouts of the Queen?s Dowry a fabulous fo… |
|
|
Fool’s Gold [Blu-ray] $5.00 The “gold” of the title refers to an elusive pirate’s booty, but it just as easily could mean the sun-washed glistening shores of Florida, or the sumptuously tanned bodies of its appealing stars, Kate Hudson and Matthew McConaughey. The whole film is awash in golden highlights, and the scenery and cinematography make the experience akin to taking a tropical holiday. Hudson and McConaughey reprise … |
|
|
Fool’s Gold (Full-Screen Edition) $2.75 A new clue to the whereabouts of a lost treasure rekindles a married couples sense of adventure — and their estranged romance. Studio: Warner Home Video Release Date: 08/19/2008 Starring: Matthew Mcconaughey Donald Sutherland Rating: Pg13… |
|
|
The Law of Debtors and Creditors: Text, Cases, and Problems $86.75 The lively style, excellent problems, and balanced coverage of The Law of Debtors and Creditors: Text, Cases, and Problems have made this text one of the leading bankruptcy law casebooks. Honed through six editions, it continues to provide students and professors with an exemplary instructional tool. Among the attributes that make this casebook a favorite with teachers and students alike: … |
|
|
Anderson’s Business Law and the Legal Environment, Comprehensive Edition (Anderson’s Business Law & the Legal Environment: Comprehensive Volume) $63.58 Not only helping you to ace your business law course, ANDERSON’S BUSINESS LAW AND THE LEGAL ENVIRONMENT, COMPREHENSIVE VOLUME, 20th Edition, also provides the information and resources to assist you in studying for the CPA exam. The #1 business law text with summarized cases on the market today, this top-selling book helps you grasp key legal concepts and principles, reinforcing your understanding… |
|
|
On the Brink: Inside the Race to Stop the Collapse of the Global Financial System $2.48 When Hank Paulson, the former CEO of Goldman Sachs, was appointed in 2006 to become the nation’s next Secretary of the Treasury, he knew that his move from Wall Street to Washington would be daunting and challenging. But Paulson had no idea that a year later, he would find himself at the very epicenter of the world’s most cataclysmic financial crisis since the Great Depression. Major institutions … |
