I have been told recently that you can no longer file for bankruptcy on credit card debt. I am curious if this is true and if it is; what is someone $40,000 in credit card debt trying to get an education and support a family supposed to do? I have one credit card that refuses to work with credit agencies. What do I do now? I know it is my debt, but I was a young single mother and now I am in way over my head; barely living from paycheck to paycheck. What can I do to survive while I try to finish college and support my family?
2006-08-10 12:02:38 · 5 answers · asked by gracefullady77 1 in Business & Finance ➔ Personal Finance
You know what I found out about credit card companies? They are so full of bluff it's not even funny. One day, I got so sick and tired of trying to work with the card company on a feasible plan to pay off my debt that when they had called me for the third time in one day and asked "when are you going to be able to make a payment" I just said "I will send you a payment by check, today". I did, I sent them ten dollars.
They complained, they harangued, they argued and threatened, but they cashed it and every month I sent them a check for ten bucks until I was better able to pay. Oh yeah, don't forget to tell them to close the account, if it is not already done. That way, there is a set amount you will owe and not one that incurs interest.
Don't argue with them or let them threaten you, just say "This is all I can pay right now, and when I can pay more, I will ... do what you have to do" and hang up. Unless you owe hundreds of thousands or something lol, they won't even bother taking you to court and here's why: if you've been making payments that shows a willingness to pay the debt, so the court won't let them garnish your wages (in some states they can't do that anyway). It doesn't matter what the amount is to the court. :)
But pay the thing off when you can, don't be a slacker, okay? That's not cool.
2006-08-10 13:37:32 · answer #1 · answered by arewethereyet 7 · 0⤊ 0⤋
As I read the change, it is still possible to go 'bankrupt'. The difference is, people with lots of money were being allowed to walk away from ALL the debt when obviously they could have paid at least part. So, now, their income is examined, and if they can pay part, they have to pay part of it.
Do not assume there is no protection at all. Contact an attorney, or google and try to find the current law, and verify that it is possible to get at least partial protection, and if it is,tell the credit card company you are going to file, which means they won't get it all, if they refuse to work with you.
see also following links for more information and tips on finding lawyers
2006-08-10 13:50:53 · answer #2 · answered by retiredslashescaped1 5 · 0⤊ 0⤋
While it is more difficult to file bankruptcy and bankruptcy filings are down by about 80%, you can still file for bankruptcy for credit card debt. You should consult a local bankruptcy attorney.
2006-08-10 19:26:54 · answer #3 · answered by Carl 7 · 0⤊ 0⤋
You can file but some guidelines have changed. Laws vary from state to state but there are ways. I suggest you contact legal aid society for a meeting and advice. There will also be rules listed for your state online.
2006-08-10 12:10:32 · answer #4 · answered by Mike M 4 · 0⤊ 0⤋
well, before you do anything here's two links that get me tons of best answers:
http://credit-cards.ebookorama.com
and here http://finance.ebookorama.com
good luck
2006-08-11 12:07:06 · answer #5 · answered by Anonymous · 0⤊ 0⤋