Credit Card Debit

I have roughly 24k in credit card debt. I was wondering if I had to be behind on the payments before I can file for bankruptcy?


  • Hi Stephanie! Thanks for reaching out to Kain & Scott. That is a good question. A lot of people wonder the same thing. The answer is you are not required to be delinquent on your payments before you can file either Chapter 7 or Chapter 13 Bankruptcy. We have filed plenty of bankruptcy cases where the guest was current on all of their payments at the time we filed their bankruptcy case. I hope this helps you! Wes

  • Hi, im estimating 25 to 30,000 in debt in credit cards and medical bills for husband and I. We are buying our home contract for deed, 2 vehicles paid for, nothing in savings . 2 older atvs only assets.
    If we filed chapter 7, would we lose our contract for deed home? Would deed holder need to be notified? Do we need to sell atvs??

  • Hi Emily! Thank you so much for reaching out. These are excellent questions. If you live in the home, you will not lose the equity in the home and you can keep the home as long as you continue to make payments on the home. Unfortunately, all creditors must get listed on the bk even though you plan on keep making payments on the contract for deed. As to how much of your assets you can keep, the vast majority of people who file lose no assets. However, everyone's case is different and how much we can protect depends on your assets and the amount of equity in each item. I would caution you not to sell any asset and don't transfer any asset until you have spoken to a licensed and local bankruptcy attorney. I am sorry you and your husband are going through this but there is hope! If you have other questions, ask away! Your humble servant- Wes

Sign In or Register to comment.