Credit card debt is an unsecured debt, meaning that there is
no collateral attached to it. Unlike a car or a home loan, credit card
companies cannot repossess any of your property for lack of payment.
In Chapter 7 bankruptcy in Georgia, it is
typical for credit card debt to be discharged, meaning it is wiped away and you
are no longer responsible for it. For most people who file a Chapter 7
bankruptcy in Georgia, all credit card debt is wiped out and they pay nothing
to the credit card companies. There are limited exceptions in which a
bankruptcy court will refuse to discharge credit card debt—particularly when
the credit card holder is believed to have committed fraud—but this is
extremely rare.
If you are struggling with out-of-control credit card debt,
don’t wait to be sued or garnished before you get help. Call King and King in Atlanta at
404-524-6400 for a free consultation or visit us online at
www.kingandkingattorneys.com. We will review your options and put you on the
track for financial freedom.
