Can you file for Credit Card Bankruptcy?

January 28th, 2009 by Questions

I am currently unemployed and started to receive EI benefits. I am unable to continue with my monthly payments on credit cards(total debt of $23,000 on cards), have a line of credit which I jointly own with my husband of $8800, leased van of $250, and I have two children.
Is there such a thing a filing for `credit card ` bankruptcy`? and I there is how will it impact my line of credit which is attached to my overdraft at the same bank?

Posted from: Ontario


One Response to “Can you file for Credit Card Bankruptcy?”

, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

When you file bankruptcy you must file on all of your debts, you are not able to pick and choose. So it is not possible to simply file on your credit cards, you would also have to include the line of credit.

The major exception to this is secured debt (i.e. van lease), while the lease will have to be listed as long as the financing company allows you to keep the vehicle and make the necessary payments then this contract will not be impacted by a bankruptcy in the least.

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