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What is worse, a bad debt where the credit card co. closes

Resolved Question:

What is worse, a bad debt where the credit card co. closes the account or a bankruptcy?

Submitted: 3 years ago.
Category: Bankruptcy Law
Expert:  FiveStarLaw replied 3 years ago.

Hello,

In my view, outstanding bad debt is worse than a bankruptcy. I will explain.


As an individual, there are two types of bankruptcy available. A Chapter 7 and a Chapter 13. There are distinct differences in between a Chapter 7 and a Chapter 13 bankruptcy.



A Chapter 7 bankruptcy could discharge (erase) all of your unsecured debt such as credit cards, judgments and personal loans. It would be an opportunity for a fresh financial start. However, you may have to surrender assets, if any, that exceed your exemption.



A Chapter 13 bankruptcy is a repayment plan for an individual. It may require that you repay some of your unsecured credit card debt over a 3 -5 year period. However, you may retain assets that exceed your exemption.


Here are the exemptions for California:
http://www.bankruptcyinformation.com/CA_exemp.htm



Best wishes for a successful outcome. If you have additional questions, please do not hesitate to submit them to me directly.


Thank you,
FLAandNYLAWYER

FiveStarLaw, Attorney
Category: Bankruptcy Law
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Experience: Bankruptcy Lawyer. Experienced.
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