I have a credit card with a $15,000 balance. The minimun payment due is too high and I can't afford it.Can I file bankruptcy on this one credit card?
2007-07-11 08:22:23 · 9 answers · asked by Amy 2 in Business & Finance ➔ Personal Finance
The previous answer is correct. You can not file on only one credit card. That is unless that credit card is all you owe and if so it is very unlikely that Bankruptcy Court would approve your petition.
If you can not pay the bill your best option is to contact the credit card company and advise them of this and why. Then seek out a non-profit consumer credit counseling agency to help negotiate with the credit card company. In many cases credit counselors can get intrest rates reduced and sometime portions of the balance forgiven. Most important, use a NON-profit counseling agency. There have been an explosion of for profit agencies and some have done more hurt than help.
2007-07-11 08:29:45 · answer #1 · answered by dcjohn992 2 · 1⤊ 0⤋
No, in order to file bankruptcy, you have to be in debt up to your neck. One credit card with a high balance shows that at one point of time, you had the means to afford to have the card. Thus, eliminating you from being granted bankruptcy.
2007-07-11 08:28:11 · answer #2 · answered by cinnatigg 4 · 1⤊ 0⤋
Unfortunately, no. You could call them and work something out, most credit card companies are willing to work with you, even make the payments for you under certain circumstances like unemployment. When you get your balance under control, call the company and lower your credit line so that you don't get in over your head. A credit councilor may be able to help you.
This will get better.
2007-07-11 08:33:13 · answer #3 · answered by seaelven 4 · 0⤊ 0⤋
financial ruin could be as much as a 7 3 hundred and sixty 5 days correction era. Paying off your old funds owed and re-setting up your credit background can ensue in as low as 24 months. this is a sizable distinction once you have time working on your part.
2016-10-20 21:15:32 · answer #4 · answered by manjeet 4 · 0⤊ 0⤋
I don't think you can file bankruptcy without including all your debt.
2007-07-11 09:19:14 · answer #5 · answered by Neka 4 · 0⤊ 0⤋
What did you spend the 15 k on ???
2007-07-11 08:31:30 · answer #6 · answered by jon_mac_usa_007 7 · 0⤊ 2⤋
no, & you would definetly benefit from some credit counseling
2007-07-11 08:27:50 · answer #7 · answered by Anonymous · 1⤊ 0⤋
No, you have to cover all of them.
2007-07-11 08:24:37 · answer #8 · answered by Your #1 fan 6 · 1⤊ 0⤋
No way, you can't do that.
2007-07-11 08:26:24 · answer #9 · answered by SW1 6 · 1⤊ 0⤋