There seems to be a misconception that you cannot include credit cards in a bankruptcy. This could not be more far from the truth. In most cases credit cards are treated like any other debt for bankruptcy purposes. The new bankruptcy law did make it more difficult to clear out some debts incurred within a short period prior to the filing of the bankruptcy. The law in this area is basically the same as it was prior to the passage of the new bankruptcy amendments. Certain debts can survive the bankruptcy if a creditor files papers with the bk court requesting that the debt survive and the court agrees with the original creditor. The process is not automatic however and you have the opportunity to dispute what the creditor is saying.
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There have been rports that some collection agencies have been telling consumers that they cannot file bankruptcy. I think that since the new bankruptcy law was passed in 2005 that people think that bankruptcy is gone. This is simple not true. You can still file for bankruptcy if you are having a financial crisis.
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Tags: avoid bankruptcy, bankruptcy, chapter 13, chapter 7, file for bankruptcy, how do i file for bankruptcy, is bankruptcy still available, is bankrutpcy no longer available, new bankruptcy law
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