Cut Up Your Credit Cards.

But, if you are having financial hardship, cut up your credit cards.

My thoughts exactly.

However, this is not an easy task to do these days.

There is just so much to buy out there…and if you can go bankrupt & wipe out the debt, that might sound attractive to a lot of debtors.

However, realize, that getting a full discharge Chapter 7 bankruptcy was made much more difficult for some borrowers under the BAPCPA 2005.

Unsecured debt, like credit card debt, is still dischargeable in bankruptcy.

But, if your case is converted to Chapter 13, you will most likely have to work out a payment plan with your unsecured creditors.

So, watch the Visa bill, it might stick with you longer than you think.

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