How can I eliminate all of my credit card debt with bankruptcy?

Credit card bankruptcy is one of the most common forms of bankruptcy that occurs. Credit cards can be a useful financial tool but they can also lead to major problems. Once you start paying interest, fees and penalties for going over the limit or being late, your credit card balance can quickly spiral out of control and leave you unable to afford even the minimum payments. If you find yourself in this situation, bankruptcy can be a way for you to get help. However, whether or not you will be able to eliminate all of your credit card debt with bankruptcy is going to depend on which chapter of bankruptcy you actually qualify for:

• If you qualify for a chapter 7 bankruptcy, essentially all of your credit card debt is going to be discharged at the end of the bankruptcy proceedings. Credit card debt is unsecured debt, so these creditors have a relatively low priority when it comes to bankruptcy repayments. Essentially, what happens in a chapter 7 is that you file the paperwork, you list assets and debts, and it is determined by the court/trustee whether you have any non-exempt assets that can be sold. If you have non-exempt assets that can be sold, they are sold and the money that was generated, as well as any money that you were required to turn over to the bankruptcy estate, is distributed to the creditors that you owe. The remaining balance is then forgiven and your credit card debt is eliminated. However, not everyone can qualify for a chapter 7; you will need to make below the median income of your state or pass a "means test" to do so. 
• If you are not eligible to file under chapter 7, you can deal with your credit card debt through a chapter 13. It isn't just going to disappear though- you will enter into a 3-5 year repayment plan in which some of it is repaid. 

To get help determining which chapter you qualify for and what impact bankruptcy will have on your credit, you should consult with a qualified lawyer as soon as possible.