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Can bankruptcy discharge my credit card debts?

The holiday season is winding down, and many of us are going back to work or going back to school in order to resume our daily lives. Along with this, some of us may be looking at our bank accounts to see how much all of the parties and gift exchanges cost us over Christmas and the New Year, and the results may be frightening. When you swipe that credit card, you do so expecting to worry about the bills later. Unfortunately, later will arrive one day, and you may not like what you see.

It is not uncommon for the holidays to cause residents all across the country, including Texas, to rack up a shocking amount of credit card debt, and depending on the circumstances, that debt may threaten to smother your finances completely. Fortunately, there are legal options of debt relief that could allow you to completely discharge your credit card debts.

There are two types of bankruptcy filings that you may wish to know about: Chapter 7 and Chapter 13. If you believe that you can pay off your debts within a few years, then Chapter 13 is probably best for you. But if your debts are more out of control than you realized, you may wish to consider Chapter 7 bankruptcy, which will discharge not only your credit card debts but many other financial obligations as well.

It is important to remember, however, that Chapter 7 bankruptcy does not discharge all debts. Many student loans and child support payments, as well as certain taxes and court fees will still be your burden, but with fewer overall debts to worry about, you will have more money to devote to these payments. If you are struggling with credit card debt, consider meeting with a bankruptcy attorney to learn if Chapter 7 bankruptcy is right for you.

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