Do you have to pay credit card debt in a bankruptcy?

Question

Can you be absolved of credit card debt? I am following VISA whose stock came up today on earnings. Just wondering if they are vulnerable to bankruptcies in the near future?

Answer 1

You can be absolved. Or you can be subject to a repayment plan. Depends on the outcome of the bankruptcy. It's harder and harder to get away with paying nothing.

Answer 2

Remember that once you file for bankruptcy  you won't be able to have a credit card for the next 7yrs. Anyway, i heard your debt gets written off (pay nothing).

Answer 3

Yes....if your credit card carrier files for BK...it would not affect your outstanding liability/debt. Another company would take over the account and you'd have to pay them.

Answer 4

Credit card debt is unsecured and is almost alway discharged first.

Answer 5

You used to be able to have it all written off but under the new bankruptcy laws you have to pay a percentage of it.