"Bankruptcy For Credit Card Debt" Discussion

Upsolve Community Member
Hello Gloria, Most people can keep their car and get debt relief by filing bankruptcy. Here is an Upsolve Article that covers this topic: https://upsolve.org/learn/can-keep-car-file-bankruptcy/ However as far as your credit cards, all accounts will be closed. Do not hesitate to ask any further questions.

Upsolve Community Member
The Learning Center has a short-to-the-point answer to https://upsolve.org/learn/keep-credit-card/ you might want to take a second to read. There is also an article https://upsolve.org/learn/file-for-bankruptcy-for-credit-card-debt/ that discusses credit cards and Chapter 7 bankruptcy in more detail.  

Upsolve Community Member
Thank you for the feedback I appreciatd.

Upsolve Community Member
Hi Jennifer, That is not a silly question. It is quite common. It depends on which bills you're asking about- this article can help describe what to do about different types of bills you might have: https://upsolve.org/learn/bills-to-pay-after-bankruptcy/ Here is an additional article on credit cards to give you some guidance: https://upsolve.org/learn/should-i-keep-paying-my-credit-cards-if-i-am-going-to-file-bankruptcy/

Upsolve Community Member
Although it sounds like you already decided to file bankruptcy, you might some more information on credit card debt and bankruptcy in the article https://upsolve.org/learn/file-for-bankruptcy-for-credit-card-debt/. It lists some types of credit card debt that might not get discharged. 

Upsolve Community Member
Jennifer, the articles mentioned above are very helpful. While everyone has different circumstances, when I filed, I had kept current on my credit card payments because "late payments"  take a big chunk out of credit scores, and remain on your credit report for 7 LONG YEARS, regardless of filing bankruptcy or not. (more)

Upsolve Community Member
(cont.) Today, after filing Chapter 7 using Upsolve's software, my credit report is squeaky clean except for two weaknesses: 1) Age of credit (because of loss of cards after bankruptcy) and 2) Bankruptcy itself. In many cases, after filing Chapter 7, credit scores will go up dramatically because, for one, 35% of your credit score is based on UTILIZATION and many of us will have maxed out our credit cards prior to filing. So utilization goes from ~100% to 0% when we file! But late payments will remain if we have them.. 

Upsolve Community Member
Upsolve has a "Room" in this community called https://my.upsolve.org/rooms/19 It's also a good place for conversations about Rebuilding Credit. After filing and receiving my Discharge using  Upsolve in 2020, I have researched, studied, and documented my road back so I hope to see you there! FYI I was at 563 when I filed. a year and a half later, I am around 700. Beware of hucksters out there in CREDIT REPAIR because like Upsolve, you can rebuild your credit for free. Good luck! :-)

Upsolve Community Member
I'm glad you're here! You can click the "Bankruptcy Screener" above to use Upsolve's free tool, as long as you qualify. Our free upsolve.org/learn is also always available! 

Upsolve Community Member
Susan, we're glad you're here! https://upsolve.org/learn/file-for-bankruptcy-for-credit-card-debt/

Upsolve Community Member
I hope you continue to recover from your stroke! Recovery can be a long road. I hope you are able to see a physician and follow up on the OCD symptoms. There have been some studies showing effective treatment. As far as the debt is concerned, you have options. Since you're here, I'm guessing you might be thinking about bankruptcy. This Upsolve article https://upsolve.org/learn/file-for-bankruptcy-for-credit-card-debt/ can help you learn more about resolving credit card debt through bankruptcy. Let us know what questions you have and we'll do our best to find an answer!

Upsolve Community Member
Wishing you the very best with all of this- it sounds so difficult 

Upsolve Community Member
Upsolvers, has anyone been in similar shoes and can offer some advice? 

Upsolve Community Member
Hi Jesus, You may be a good fit for filing bankruptcy now, but that is for you to decide given your current financial situation. Here is an article to give you some guidance: https://upsolve.org/learn/should-i-file-for-chapter-7-bankruptcy/

Upsolve Community Member
Thanks so much for asking this. https://upsolve.org/learn/file-for-bankruptcy-for-credit-card-debt/#what-happens-when-you-get-behind-on-your-credit-card-payments 

Upsolve Community Member
That article is a good resource to learn more about what may happen next, and can point you in the direction of some options 

Upsolve Community Member
Hello Jesus!  The articles above will help you. Although a few months later I filed Chapter 7 using Upsolve, the first step I took when I knew I was in trouble was to CALL MY CREDITORS and explain the situation. All of them put me on a program that lowered my interest rates and monthly payments. For many, this can be a temporary solution until you are back on their feet! :-)