Can I file bankruptcy on 1 credit card only?

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Can I file bankruptcy on 1 credit card only?

I am paying off the card with the help of a credit help company but they charge $50 a month to do it; I owe over $7,000. Because of health reasons I can only work part-time. I don’t want my house or car in the bankruptcy. All I want is to get out from under this credit card debt.

Asked on May 24, 2012 under Bankruptcy Law, Kentucky

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

No, you do not file bankruptcy against a single creditor or against one debt--you file it generally against all your creditors and all your debts. In a chapter 7 bankruptyc, most of your assets will be "fair game" to potentially be liquidated (sold) for the benefit of creditors; in a chapter 13 bankruptcy, you will be held to a strict court-ordered budget (the "plan") for around 5 years. Bankruptcy is a very drastic step, and one that will impact your whole financial life, not just the credit card debt.


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