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Pastimes : Where the GIT's are going
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To: Augustus Gloop who wrote (150408)8/21/2007 11:25:07 AM
From: Oral Roberts  Read Replies (3) of 225578
 
You can still write off credit card debt in a chapter 7. They are just more careful of you proving that there is no way you can pay them off rather then just giving you an easy write off even if you truly could pay them off you just don't want to.

Daughter and SIL are bankrupt at this point and I just finally had to let it happen. They just weren't getting it. Not sure they do yet. But she had one card maxed at 10K and couldn't make the payment. She called them and tried to work it out and they responded by upping their interest rate to 33 1/2 percent. So every month now they tack on that interest and a 400 dollar penalty for being over their limit. I tried to call and work out a payoff and they wouldn't budge an inch. I finally decided they deserved to be written off in a bankruptcy. What these kids were doing with multiple high dollar credit cards could never in a million years be explained with even basic lending practices. In fact any kind of practice would have denied them a card in the first place based on income and home debt and number of children. And yet to this minute they receive pre approved cards in the mail. Unreal.

While these kids were and still are financial morons these banks are a big part of the problem. These home loans are the same gambit.
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