There is basically only one way that bank card debt can be eliminated without paying it. That way is by declaring a Chapter 7 Bankruptcy. This type of bankruptcy wipes out all debts, with one or two specific exceptions and possible exemptions, including any and all credit card debt. Even a Chapter 13 Bankruptcy declaration will only reorganize your debt, not eliminate it. There are other types of bankruptcies, but only Chapter 7 totally eliminates obligations to pay bank card debts. The best method for a person extremely in debt is to seek out an attorney specializing in personal bankruptcies.
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When the debtor has found an attorney who can advise them of their rights and obligations under a Chapter 7 Bankruptcy, and they have no other alternatives open to them due to loss of income, ability to work, or whatever their particular circumstance might be, then this is the only way to totally eliminate credit card indebt. However, once this route is chosen, it will be very difficult for the person filing such a bankruptcy petition to obtain "credit" of any kind for at least two years or more after said bankruptcy has been discharged.
An individual bankruptcy petition is officially discharged when the courts have determined that no debt owed is being contested by a creditor. For instance, in the case of charge card debts, none of the issuing companies are alleging fraud on the part of the debtor, or have knowledge of assets that the debtor has tried to hide to avoid meeting his or her financial obligations. After the discharge date, which is when the bankruptcy is declared released without prejudice, meaning no parties think the debtor has any other legitimate recourse, then all credit card debt and other debt included in the Chapter 7 filing are eliminated. This allows the debtor to have a fresh start.
However, once a person has been through a bankruptcy and finally gets to a point that a credit card company is willing to take a chance on issuing them credit with greater fees and at higher interest rates, don't be under the misconception that you can build up plastic debt and no matter what happens, have it eliminated through a Chapter 7 Bankruptcy. A person must wait at least 8 years from the date of the prior Chapter 7 filing before being able to file for that type of bankruptcy again.
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