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Will my credit card use prevent my eligibility to file for bankruptcy?

More information:

I live on Cape Cod and the down economy has taken its toll on my financial state. Most of my debt is credit card debt with three different cards. I want to file chapter 7 bankruptcy but I continue to use one of the cards for essentials. Does that mean I can’t file bankruptcy until I wait a certain amount of time?

Bankruptcy Attorney Answer:

You can file for bankruptcy protection, but it is possible that some of your more recent credit card debt may be deemed non-dischargeable, meaning you will still have to pay it back. The bankruptcy code says that non-essential credit card debt to any one card company that equals or is greater than $500 and was incurred within 90 days of your bankruptcy filing is presumed to be non-dischargeable.  Also, credit card debt of ANY amount and incurred at ANY time may, in theory, be deemed non-dischargeable if the card company can show that you knew or should have known that you would have been unable to pay it back.  An experienced bankruptcy lawyer can help you effectively navigate the Chapter 7 bankruptcy process.

The Cape Cod bankruptcy attorneys at Esher Rossi will discuss your financial restructuring options. Our bankruptcy lawyers serve all of Massachusetts including downtown Boston, the Greater Boston MetroWest region, Cape Cod and the cities of Boston, Cambridge, Cape Cod, Framingham, LowellNewton, and Worcester.

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