How are Credit Cards Handled in Bankruptcy?
When most people consider bankruptcy their credit cards can play a big role in their decision to file. If you have found that your cards are a huge reason behind you deciding to file, then you will definitely want to know how they are handled during your bankruptcy. A lot of times the credit issuers will try to dispute the discharging of the debts during the bankruptcy. They can do this by claiming that one of several things happened while you were incurring the credit card debt.
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The credit card issuers can dispute the discharging of charges by claiming that one of the following things happened:
If there was an increase in the amount of usage on the card shortly before you started the process of filing for bankruptcy. This can show that a person may have purposely used the card a lot before filing with the intention of not having to pay back the debt. If the card is newly issued, this can show that a person got a new card knowing that the chances were there that they would be filing bankruptcy. Big cash advances in just months before the bankruptcy was being filed. This can show that a person was pulling a lot of money off of the card without having the intention of paying the money back to the issuer. If the card was used for recent travel expenses. This can show that the person was using the card to go on a trip just before filing bankruptcy instead of not using the card because they knew they wouldn't be able to repay the debt that they had incurred. Using the card when a person is unemployed. This can show that a person was using the card when they didn't have a way to repay the debt. A large credit card balance when filing bankruptcy. If there are charges incurred after a bankruptcy lawyer has been consulted. This shows that the person was using the card with the intent of filing bankruptcy on it. The longer amount of time that occurs between the usage of the credit card and the time that the bankruptcy is filed, the less that the chances are that the credit card discharge will be challenged by the credit card issuers.
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