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Chapter 7 Bankruptcy
Chapter 7 may allow qualifying individuals to eliminate most or all unsecured credit card debt. This can be a strong option for people with limited income and debt they cannot realistically repay.
Credit Card Debt Bankruptcy Attorney in Springfield, MO
Credit card debt can feel impossible. Bankruptcy may offer a way forward.
High interest rates, late fees, collection calls, lawsuits, and minimum payments can make credit card debt feel like it will never end. Reynolds and Gold Law helps people in Springfield and Southwest Missouri understand bankruptcy options for credit card debt relief.
✓ Free bankruptcy consultation
✓ Chapter 7 and Chapter 13 options
✓ Help with lawsuits and garnishments
High Interest Rates
Interest and fees can cause balances to grow even when you keep making payments.
Collection Calls
Bankruptcy may stop many collection calls, letters, and creditor pressure after filing.
Credit Card Lawsuits
If a creditor or debt buyer sues you, bankruptcy may help stop the case or collection action.
Wage Garnishment
Bankruptcy may stop many wage garnishments triggered by credit card judgments.
Credit Card Debt Relief
Credit card debt can become overwhelming fast.
Many people start using credit cards to manage everyday expenses, medical bills, emergencies, job loss, divorce, or temporary financial hardship. Over time, interest and fees can make the balance grow faster than you can pay it down.
At Reynolds and Gold Law, our bankruptcy attorneys help individuals and families in Springfield and Southwest Missouri understand their options for dealing with overwhelming credit card debt.
Can bankruptcy get rid of credit card debt?
In many cases, yes. Credit card debt is usually considered unsecured debt, which means it is not tied to collateral like a house or vehicle. Because of that, credit card debt is often dischargeable in bankruptcy.
Whether your credit card debt can be discharged depends on your situation, recent credit card activity, income, assets, and the type of bankruptcy filed.
Unsecured Debt
Chapter 7 Relief
Chapter 13 Plan
Fresh Start
Start With the Full Picture
What are the first steps when debt keeps growing?
Credit-card debt may be only one part of the problem. Attorney Jon Gold explains how to assess the situation, review possible debt-relief paths, and know when legal guidance may help.
What Type of Bankruptcy Should You File?
Chapter 7 and Chapter 13 solve credit card debt in different ways.
The right bankruptcy option depends on your income, assets, debts, household size, expenses, and goals.
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Chapter 13 Bankruptcy
Chapter 13 creates a court-approved repayment plan, usually lasting three to five years. Unsecured creditors may receive only a portion of what is owed, and remaining eligible debt may be discharged.
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Which Option Fits?
A bankruptcy consultation can help determine whether Chapter 7 or Chapter 13 makes more sense based on your full financial picture, not just your credit card balances.
What happens if a credit card company sues you?
If you fall behind on credit card payments, the creditor or a debt buyer may file a lawsuit. If they obtain a judgment, they may try to garnish wages, levy bank accounts, or pursue other collection options allowed by law.
Filing bankruptcy can trigger the automatic stay, which generally stops many collection actions, including lawsuits, garnishments, collection calls, and letters. Timing matters, so it is important to speak with a bankruptcy attorney before the situation gets worse.
Collection lawsuits
Wage garnishment
Bank account levies
Debt buyer claims
Judgments
Creditor calls
Collection letters
Overwhelming balances
Credit Cards After Bankruptcy
Can you keep a credit card after filing bankruptcy?
In most cases, existing credit cards are closed when you file bankruptcy. After bankruptcy, many people are able to rebuild credit over time by using new credit carefully, making on-time payments, and keeping balances low.
Bankruptcy is not the end of your financial life. For many people, it is the beginning of rebuilding with less pressure and a clearer plan.
Will bankruptcy hurt my credit forever?
Bankruptcy can affect your credit, but overwhelming debt, missed payments, charge-offs, lawsuits, and garnishments can also damage your credit.
The better question is often whether bankruptcy gives you a better path to rebuild than continuing to struggle with debt you cannot repay.
Credit Card Debt Bankruptcy FAQ
Common questions about bankruptcy and credit card debt.
Credit card debt creates a lot of stress and confusion. These answers can help you understand the basics before speaking with an attorney.
Can bankruptcy eliminate credit card debt?
In many cases, yes. Credit card debt is usually unsecured debt, and unsecured credit card balances are often dischargeable in bankruptcy.
Is Chapter 7 or Chapter 13 better for credit card debt?
Chapter 7 may eliminate qualifying credit card debt more quickly, while Chapter 13 creates a repayment plan that may pay back only a portion of unsecured debt.
Can bankruptcy stop a credit card lawsuit?
Filing bankruptcy can trigger the automatic stay, which generally stops many collection lawsuits and collection actions.
Can credit card companies garnish my wages?
If a creditor or debt buyer sues you and obtains a judgment, they may pursue wage garnishment depending on the situation. Bankruptcy may help stop many garnishments after filing.
Will I lose all my credit cards if I file bankruptcy?
Most existing credit cards are closed when you file bankruptcy. After bankruptcy, many people can begin rebuilding credit with careful use and on-time payments.
Should I use credit cards before filing bankruptcy?
You should speak with a bankruptcy attorney before using credit cards if you are considering bankruptcy. Recent credit card charges, cash advances, or luxury purchases can create issues in a bankruptcy case.
Obtain A Free Credit Report
Review your credit history before making decisions.
You can obtain a free credit report by visiting AnnualCreditReport.com. This federally authorized website allows you to request credit reports from Equifax, Experian, and TransUnion.
Why your credit report matters
Reviewing your credit report can help you identify creditors, check for inaccuracies, and better understand your financial situation before meeting with a bankruptcy attorney.
It may also help reveal collection accounts, debt buyers, charged-off credit card balances, and accounts you forgot about.
Related Bankruptcy Topics
Learn more about debt relief and bankruptcy options.
Credit card debt is often only one part of a larger financial picture. These related resources can help you compare your options.
Chapter 7 Bankruptcy
Learn how Chapter 7 may help eliminate unsecured debts such as credit cards and medical bills.
Chapter 13 Bankruptcy
Learn how Chapter 13 may help reorganize debt and protect important assets.
Medical Debt
Unexpected medical bills can create financial pressure. Bankruptcy may offer relief.
Payday Loans
Payday loans can create a cycle of debt. Legal options may be available.
Take The Next Step
Find out if bankruptcy can help with your credit card debt.
If credit card debt is causing stress, lawsuits, garnishments, or financial pressure, Reynolds and Gold Law can help you understand whether Chapter 7 or Chapter 13 bankruptcy may be the right next step.
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