Bankruptcy might or might not wipe out your credit card debt, depending on several factors.

Under a law that took effect in 2005, if your income is less than the median in your state, you can usually file for Chapter 7 bankruptcy. Chapter 7 essentially wipes out debt, although creditors can seize your assets, except for those that are either exempt or outside the bankruptcy estate.

If you make more than the median for your state, the law requires you to take a means test to see if you could theoretically repay a certain amount of debt. If you could not, you can file for Chapter 7. If the test shows that you could repay that amount, you generally must file for Chapter 13 bankruptcy.

Chapter 13 requires you to pay off secured debt (such as a home or auto loan) and a percentage of your unsecured debt (such as credit cards) over three to five years. If you complete this court-ordered repayment, any unpaid unsecured debt is then discharged.

For more on bankruptcy, see www.uscourts.gov/bankruptcycourts/bankruptcybasics/process.html