One of the main reasons many people run into financial problems is over their credit cards. More often than not, they don’t just have one of these cards that they are using, but have several. This is a dangerous financial pitfall and one that should be avoided. Unfortunately if you have become debt loaded with credit card financing your own option may be to file for bankruptcy. You will want to check with a Louisville bankruptcy lawyer to decide if your credit card debt will be fully discharged should you decide and qualify for chapter 7 bankruptcy relief.

Mounting Debts

Some people as their card debt begins to mount up just decide they are never going to be able to pay it off, so they decide that the end result will be to go bankrupt. For the next few months they max their cards out, assuming that they will all be cleared in the bankruptcy. Often they are in for a big shock when they find out this may not be the case.

The bankruptcy courts could take a look at your credit card history. They will determine how much you have used your credit cards in the last little while, possibly taking a look at your pattern for the last year. If you superseded your limit and how frequently. Also, what types of purchases you made with your cards. These will most likely be more closely scrutinized if the credit card companies challenge your bankruptcy actions. It is most important that you discuss and fully disclose your credit card information to your bankruptcy lawyer so he can determine if there are going to be any issues regarding these during the bankruptcy process.