Debt Consolidation Care

Community Area

|

Helpful Resources

Community

Popular Discussions

Creditmagic Live Chat

Can I retain CC after filing bankruptcy?

Post reply Start a topic

Author

Message

Options

	Print this topic
	Invite a friend
	Email this topic

Bookmark online

	Add to del.icio.us
	Add to YahooMyWeb

Davis465
Guest

Subject: Can I retain CC after filing bankruptcy?

Fri Jun 26, 2009 6:56 am

I have fallen into debt more than I can handle. I am thinking of filing for bankruptcy. I have read in various articles that nowadays it is difficult to file for bankruptcy under Ch 7. But my question is that if I include some credit card debts in bankruptcy, can I retain the cards. Or do I have to apply for new credit cards after bankruptcy is discharged. If I can retain the cards can I use them before bankruptcy is discharged?

rachael

Joined: 11 May 2009
rachael's page
Posts: 244

6581 Magic Points

Fri Jun 26, 2009 9:34 am

Hi Davis,

It is obvious that you cannot retain the credit cards that are included in bankruptcy. In case you have a card that has $0 outstanding balance (not included in bankruptcy), you may not notify the card issuer that you have filed for bankruptcy. However, the card issuer may find out, if he reviews your credit records. In that case, whether the card issuer will allow you to the use the company's services (or see you as a risk for the company) is absolutely his choice. The credit card company may ask you to surrender the card.

You cannot use your credit cards before bankruptcy is discharged. Otherwise chances of running into debt once again, after bankruptcy is discharged becomes higher. Instead, you may use your debit card for all your purchases. You can start rebuilding your credit records after bankruptcy is discharged.
_________________
Looking forward to a debt-free life.

AMIT

AMIT

Joined: 28 May 2009
AMIT's page
Posts: 9

371 Magic Points

Sat Jun 27, 2009 6:03 pm

Davis465

Most of the CC companies do cancel the credit cards after BK but if you are lucky enough you could keep one.

One more thing is most CC companies offer secured credit cards so you can apply for these types of credit cards also.

keep in touch..

Quick Reply

Your Name

Subject

Message body


Page 1 of 1