Originally Posted by Snake Doctor

You're right, I didn't understand that statement by that guy either.

Although if you have equity in your home, they can put a lien against it, so that you can't sell it without paying them back first.



Not all credit card companies do that. The ones that do, do so because they get more money from those plans than they will from the bankruptcy court.
With chapter 13 you pay for 5 years, anything not paid off at that time is discharged and you reset to zero.

IF you can get the credit card company to set you up with a plan, it continues until you pay it all back and if you ever miss a payment they may hit you with retroactive interest and late fees/penalties etc....and then you're going to end up in bankruptcy court anyways.




You can tell them to fuck off, and the interest and late fees will continue to rack up. (Another point, even though chapter 13 is fucked up....at least when you're in it, interest and fees stop completely, all your payments go towards principle)

Also, they can get a judgment against you that will follow you forever (or until you file bankruptcy) and they can garnish your wages, take your income tax refunds, etc.

Bankruptcy isn't an easy way out, but it is a way out for people with no other options.