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Category: Bankruptcy Law
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I have huge credit card debt. I make alot of money also. All

Customer Question

I have huge credit card debt. I make alot of money also. All my bills are current. The credit card companies have raised the intrest rate to 25.99%. Can I declare bankruptcy?
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  insearchoftheanswer replied 7 years ago.

You can declare bankruptcy. Depending on your asset base and how many of your assets are exempt from creditors...such as retirement accounts, will most likely get these credit card debts discharged. Also, as alternative to bankruptcy, if you simply stop paying them for a while, most all credit card companies are agreeing to settle these debts for substantial discounts.



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