Can I file Bankruptcy for credit card debt during my grace period in USA, I lost a job and my employer terminated my H1B visa.

[S V Kumar]

Can I file Bankruptcy for credit card debt? During my grace period in the USA, I lost a project with a client and my employer terminated my H1B visa. 

I have a credit card debt of around $125k (on multiple cards) (debt occurred because I lost around more than $400K in the past 3 years)  and I lost the job last Friday, I am looking for an option of what to do. I am on H1B visa and last Friday was my last date on my visa and currently on grace period, within few days I have to go back to India (employer taking care of sending me back).

I have I140 approved and the priority date in 2016. If I file bankruptcy before going to India or after going to India, on the basis of job loss and cannot pay off my credit card bills. After filing, can I come back to the USA ? Will there be any issue during my Green Card processing or entry into the USA?  

And also suggest to me, if I file Bankruptcy chapter 7 will it get approved on the debt that I have and the reason I lost money on stock market. Is it not good to go this route, if so please advise me why? 

Or go with the debt consolidation route where debt consultants will fight on behalf of us to reduce the principal amount and pay of that amount. 

Or try hard to find a job opportunity and pay of the debt slowly / use the debt consolidation option. Above options are if I don't find a job during this grace period. 

Appreciate for giving any advice. Thank you in advance.

[pontevecchio]

As regards the Bankruptcy question, you should touch base with a bankruptcy lawyer for appropriate guidance.

You can contact the appropriate bank and speak to the financial hardship department to see whether they accept a lesser amount in full payment.

The only people benefiting from debt consolidators are the consolidators. Get yourself a free account with FICO and post your situation in the appropriate forum.

In case you leave without paying, the effect on your credit rating will last for a few years. 

Are you saying you have no money left in shares? or in any other form.

Per se financial issues are not necessarily directly concerned in the process of Immigration.