If you file Chapter 7 bankruptcy, do they make you close all of your credit card accounts?
Oct.31, 2009 in
Bankruptcy
For the cr card accounts in good standing, will they have to be closed too?
what about credit card accounts that have a zero balance? I would like to keep them open so that I can start building my credit back up after the big hit. Will they make me close them?
October 31st, 2009 at 10:05 pm
Filing Chapter 7 doesn’t force you to close all your credit card accounts. If an account is part of the filing, the creditor will freeze the account and you wouldn’t be able to make new transactions. In other words, it is equivalent to being closed. The other ones that are not part of the filing will remain open. However, you should stay away from using them until the ruling is done or risk loosing them in the process.
Best wishes.
October 31st, 2009 at 10:05 pm
having credit cards and borrowing money has worked well for you so far it sounds like huh?
why would you want to keep them?
if the credit card debt is part of the filing, I would guess the answer is yes.
October 31st, 2009 at 10:05 pm
There is no way they are going to let you out of paying off the debts you agreed to pay off and still keep a credit card. If you really want to keep your cards, why don’t you just pay the debt you owe?