Monthly Archive: June 2016

Chapter 7?

If my debt is overwhelming with no possible end in site but my accounts are all current and no payments are late, is bankruptcy still an option? I have heard recent news of credit card companies raising minimum payments to as much as double the current amounts. If that happens, I will be late or have under-payments on all of those bills.

By that time, the new bankruptcy law will be in effect. I’m scared this situation is just waiting to pounce on me. If I initiate ch.7 now, maybe I can get out from under the massive, $34K credit card debt I have and be able to pay my car, student, home loans without problems. Is bankruptcy even an option if I’ve never missed a payment?

Here is Dave’s opinion: