"Can You File Bankruptcy On Credit Cards"
Filing bankruptcy is often seen as a last resort for debtors facing large amounts of debt. However, can you file bankruptcy on credit cards? The answer is yes, although it is important to understand the ramifications and how the process works.
When filing bankruptcy on credit cards, one of two types of bankruptcies are typically used: Chapter 7 or Chapter 13. In both cases, a debtor's assets will be sold and used to pay off creditors. With Chapter 7 bankruptcy, all outstanding debts excluding secured loans such as mortgages are discharged; whereas with Chapter 13 Bankruptcy, a payment plan is agreed upon between the debtor and creditors in order to repay some or all of the debt over time. The ultimate decision regarding type of bankruptcy filed depends on individual circumstances as well as local laws governing bankruptcies in each state.
The Law Offices of the Omar Zambrano has helped thousands of people and businesses in the past to get out of debt and start over.
Our goal is to help you find a fresh start FAST!
Schedule your free consultation today! By Calling 626-338-5505 or visiting us at 12738 Ramona Blvd Baldwin Park CA 91706