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Ask Ellen Your Own Question
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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I have about $12,000 in credit card debt, accounts are over

Customer Question

I have about $12,000 in credit card debt, accounts are over a year pass due. I am not working, I am attending college, GI BILL. I'm receiving disablity and retirement pay. Is a bankruptcy a recommended solution to my debt?
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 6 years ago.

I am a lawyer with 25 years experience. While I am permitted to provide you with legal information, I am prohibited by and various state bar associations from giving legal advice, representing you or entering into an attorney-client relationship through this open forum. Do you understand and accept these provisions as well as's disclaimer?

Please respond with a Yes or No to continue.
Customer: replied 6 years ago.
Yes I understand and accept these provisions as well as's disclaimer.
Expert:  Ellen replied 6 years ago.

You may want to consider a chapter 7 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 Virginia:

Thank you for your service to our country. If you have additional questions, please do not hesitate to submit them to me directly.