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We practice CONSUMER BANKRUPTCY
law exclusively. 407-982-3763

We practice CONSUMER BANKRUPTCY law exclusively. 

One of the top Bankruptcy Filers

in the Orlando Area

One of the top Bankruptcy Filers

in the Orlando Area

Home » Credit Card Debt » Consider credit card debt when filing bankruptcy in Florida

The bankruptcy process can mean having to account for a great deal of financial information. Part of your financial life is your credit card debt. People in Florida should understand that, even if you feel the financial crisis that has led to filing for bankruptcy, this doesn’t have a great deal to do with your credit card debt; that debt will be affected by bankruptcy. For those who feel the struggle they face is primarily due to credit card debt, that fact will also play a role in the process.

First and foremost, those who believe credit card debt is why they are in this situation should understand that credit card debt can be discharged under Chapter 7 bankruptcy. However, under Chapter 13 bankruptcy, you may still have to pay back that debt. Typically, a percentage of that debt will need to be repaid according to a payment plan, which will outline a specific time period for repayment.

Whether or not credit card debt is repaid and how much needs to be repaid is only part of the role credit card debt may play on a bankruptcy filing. How you use credit right before filing may come back to haunt you. You can’t make charges within 90 days of filing. The old myth of racking up debt purposely with the intent of not paying it back by filing for bankruptcy simply isn’t legally allowable and could disqualify you from filing.

Bankruptcy can be a difficult time for individuals and families. The process may seem confusing and overwhelming for struggling Florida residents. Checking out our website may be a positive step toward getting all of the facts concerning the role credit card debt can play in that process, and this can help people better prepare before they actually file for bankruptcy.