Can I file bankruptcy on 1 credit card only?

UPDATED: May 24, 2012

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Can I file bankruptcy on 1 credit card only?

I am paying off the card with the help of a credit help company but they charge $50 a month to do it; I owe over $7,000. Because of health reasons I can only work part-time. I don’t want my house or car in the bankruptcy. All I want is to get out from under this credit card debt.

Asked on May 24, 2012 under Bankruptcy Law, Kentucky


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

No, you do not file bankruptcy against a single creditor or against one debt--you file it generally against all your creditors and all your debts. In a chapter 7 bankruptyc, most of your assets will be "fair game" to potentially be liquidated (sold) for the benefit of creditors; in a chapter 13 bankruptcy, you will be held to a strict court-ordered budget (the "plan") for around 5 years. Bankruptcy is a very drastic step, and one that will impact your whole financial life, not just the credit card debt.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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