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?
Do you have to pay credit card debt in a bankruptcy?
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).
Reply: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.
Reply: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.
Reply: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.
Reply:Credit card debt is unsecured and is almost alway discharged first.
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