How to file bankruptcy on credit cards?

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Filing for bankruptcy on credit cards can be a daunting and overwhelming process. However, it may be necessary for individuals who find themselves drowning in credit card debt and unable to make their payments. This article will provide an in-depth guide on how to file bankruptcy on credit cards, offering step-by-step instructions and important considerations.

Understanding Bankruptcy

Before diving into the process of filing bankruptcy on credit cards, it is essential to have a basic understanding of bankruptcy itself. Bankruptcy is a legal process that allows individuals or businesses to seek relief from their debts when they are unable to repay them. It provides a fresh start by eliminating or restructuring debts, allowing the debtor to regain control of their financial situation.

Evaluating Your Financial Situation

Assessing your debt: Begin by evaluating your credit card debt and overall financial situation. Determine the total amount owed on each credit card, including any interest and fees. This will help you understand the extent of your debt and whether bankruptcy is the right option for you.

Considering alternatives: Bankruptcy should be considered as a last resort. Explore alternative options such as debt consolidation, negotiation with creditors, or credit counseling. These alternatives may help you avoid the long-term consequences of bankruptcy.

Consulting with a Bankruptcy Attorney

Researching and selecting an attorney: It is highly recommended to consult with a bankruptcy attorney who specializes in this area of law. Research reputable attorneys and schedule consultations to discuss your case. Choose an attorney who has experience in handling credit card bankruptcy cases.

Gathering necessary documents: Before meeting with an attorney, gather all relevant documents related to your credit card debt, income, and expenses. This may include credit card statements, loan agreements, tax returns, pay stubs, and bank statements. These documents will help your attorney assess your situation and provide appropriate guidance.

Determining the Type of Bankruptcy

Chapter 7 bankruptcy: This type of bankruptcy is often referred to as “liquidation bankruptcy.” It involves the sale of non-exempt assets to repay creditors. Chapter 7 bankruptcy typically provides a complete discharge of credit card debt, allowing individuals to start fresh.

Chapter 13 bankruptcy: Also known as “reorganization bankruptcy,” Chapter 13 involves creating a repayment plan to pay off creditors over a specified period, usually three to five years. This type of bankruptcy may be suitable for individuals with a steady income who want to keep their assets while repaying their debts.

Filing the Bankruptcy Petition

Completing the necessary forms: Your bankruptcy attorney will guide you through the process of completing the required bankruptcy forms. These forms include a petition, schedules, and statements of financial affairs. Accuracy and completeness are crucial when filling out these forms.

Paying the filing fee: There is a filing fee associated with bankruptcy petitions. If you cannot afford the fee, you may be eligible for a fee waiver or installment payments. Consult with your attorney to explore these options.

Attending the Meeting of Creditors

Meeting of Creditors: After filing your bankruptcy petition, you will be required to attend a Meeting of Creditors, also known as a 341 meeting. During this meeting, you will answer questions under oath about your financial situation. Creditors may attend but rarely do.

Cooperating with the trustee: The bankruptcy trustee assigned to your case will review your financial documents and ask questions during the Meeting of Creditors. It is crucial to cooperate fully and provide accurate information.


Filing bankruptcy on credit cards is a complex process that requires careful consideration and the guidance of a bankruptcy attorney. It is essential to evaluate your financial situation, explore alternatives, and understand the different types of bankruptcy before proceeding. By following the steps outlined in this article and seeking professional advice, individuals can navigate the bankruptcy process more effectively.


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