If when filing chapter 13 bankruptcy, is credit card debt forgiven?

Answer 1

No, Chapter 13 allows you to restructure your debts under a repayment plan. Only Chapter 7 discharges debt; however, there are significant eligibility limitations for Chapter 7.

Answer 2

If you don't qualify for chapter 7 because of your income, then if you file chapter 13 your payment plan will include some or all of your credit card debt. It is much more difficult to walk away from debt since the new bankruptcy law was introduced.

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I hope this helps.

Answer 3

Yes, You will have to pay a portion of it through your chapter 13 plan, sometimes you are required to pay 100% (not including interest, just including the balance as of the day you file) depending on your budget and assets (you have to pay at least as much as what the trustee would be disbursing if you filed a chapter 7), but most people pay maybe 10% of their unsecured debt, the rest is discharged. The discharge isn't as easy to obtain as a chapter 7 because you have a 36-60 month payment plan, but you still get one.

Answer 4

No, chapter 7 forgives debt, 13 just makes a payment plan.

Answer 5

No. i will flow a stability from one mastercard to a distinct, if the latter has a decrease pastime cost. yet contained eventually, borrowing to pay for borrowing basically finally ends up in better debt. i'm curious - in case you don't desire a political answer, why did you ask this contained in the politics area?

Answer 6

Since the laws have changed, I do not think anymore. But if you research online at www.bankruptcy.com, you will find out all of the information you need to know.