Legal Question in Credit and Debt Law in Texas

do you have to file bankruptcy to rid yourself of a credit card?


Asked on 2/28/11, 7:55 am

1 Answer from Attorneys
Greg Wiley Law Office of Greg Wiley PLLC

Bankruptcy generally discharges credit cards. Paying is the obvious best choice but people sometimes are unable to pay. Occasionally, credit card companies will settle for a lesser amount. This does create a possibility of the credit card company issuing a 1099-C for the difference and you may have taxable income of that amount.

Best of Luck

Greg

www.dallas-fortworth-bankruptcy.com

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Answered on 8/11/11, 2:27 pm


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