If you are considering filing Chapter 7 you may be wondering what happens to credit cards with a bankruptcy. We live in an age when the majority of us have credit cards, and most of us cannot imagine living without our cards. Even if you do file a Chapter 7 and have your credit card debts discharged, you will not be living without your charge cards forever, just for a short period of time while you get your financial situation under your control.
The majority of people who file for Chapter 7 have a good deal of debt owed on cards. When you file these unsecured debts will be discharged, meaning you will not have to pay all the money you have charged on your account, or the interest, and possible late payments that have started mounting up on you. You will have to relinquish your current credit accounts, but before you know it you will be back to having these revolving credit accounts, except you will be better prepared to handle them the next time around.
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You may have heard rumors that bankruptcy and credit cards do not go well together. Actually they do go very well together. When a severe illness or some other tragedy happens in our lives it can cause us to be unable to pay our creditors. Every time your charge account is late then you are charged a late fee and also charged an over limit fee if you have the card maxed out. These extra charges and penalties can quickly turn even a small charge account to a large problem.
Luckily card credit is unsecured, and the majority of them will be discharged when you file for Chapter 7. This filing will be reflected on your credit report for a period of ten years. That does not mean it will be ten years before you get more card accounts. As soon as you have corrected the situation that caused you to be unable to pay your debts, you will be able to start filling out credit applications for these little plastic cards.
Having good credit is important to the majority of us, but it is hard sometimes to pay all the debts you have when an emergency arrives and causes you to become jobless, or causes you to have other debts that consume your income. When these things happen we often have to sacrifice our credit scores for the good of our family. Our family has to eat, and have a roof over their head, and when you cannot do anything else you are going to do that. It is possible to file bankruptcy, and get some relief, then rebuild our credit at a slightly later date.
You should go online and look at the online web sites dedicated to helping you file for bankruptcy. The attorneys and their staff will be able to help answer all your questions, and file all the necessary paperwork. You deserve a second chance, so give yourself one and file online bankruptcy.
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