I'm getting ready to file for Chapter 7 Bankruptcy (~70k Unsecured, 6 months past due). What would happen if you simply failed to list a creditor on the petition? If you were confronted, could you claim that it was an account you must have opened for a family member, etc? I have a gas card that I regularly use and a Target card that I just started using for the Holidays and would hate to lose those two. Ken
I don't know that anything will happen, except when these creditors do a regular "credit view", hard or soft on your report to see how credit worthy you are as they do a regular "account review", as many OC's call it. This is normal for any open credit card. But when they see a BK on your report, don't be surprised if they suspend your privileges, lower your limit, jack up your interest rate or just plain close your current account. Either way whether you list them on your petition or not, it won't be nice. If you do list them, you can reaffirm the debt or current balance if there is any. Good luck!
Well, I know Target has done AR's and not done anything about by 5+ month late accounts. I was able to use that card all holiday season, and not had a problem. Same with the Gulf gas card. No problems there either. Filene's did decline my card in the store and then sent me a letter stating that I had too much revolving debt and number of delinquencies, etc... but not that they were closing the account. In fact, their customer service line still shows my account open, and with available credit. Another question, now that CITI bought the Sears portfolio, are they still jerks with BK, like asking for specific items back? Ken
First, you don't have to list any card with a zero balance. You can also reaffirm any debt you want. If you omit them, within a certain time period, you can amend your list of creditors, but it should be before the hearing that they have the right to attend. I had a providian card I did not list, since I had no balance on it. They canceled the card on me shortly after filing. And, it appears they've blacklisted me as if I had listed them in my Ch7. Be very careful about any "unusual" activity in the three months before you file. I wanted to pay off certain cards w/low balances to keep them and I was advised not to, since I'm supposed to be having problems paying my bills.
I'm not an attorney, but it's also my impression that it's fraud. You must list all open accounts that you know about, whether they have a zero balance or not, according to what I've been told. You really don't want to get caught -- it would really screw up your bk.
Hey; I would list them all as well. I filed in 1993, and the ones I reaffirmed with (with the exception of Sears), all cancelled me anyway. You can apply for a secured Visa within several months of BK, so don't worry about it. Keep your debit card on your checking account and use that for your gas purchases and Target. You will have more money anyway after the BK.. I am a true believer of going back to the CASH basis, keeps us all honest about our debts! Good Luck to you, ICU
From what I have read, failure to list a creditor simply means they won't be discharged, which is fine. Anyone? Ken
You will have to swear under oath that you have told the complete and unedited truth. Not whether what you have told is true, but whether you have told everything that is relevant and true.
I agree, in bankruptcy you are turning over ALL your financial matters to the BK referee to administer
Re: Re: Filing For Bankruptcy This one I know; you need to list everything or you will be breaking the law. You DO NOT want to mess around with this. Do as advised and use your check card for purchases for a while and then get a secured card and go from there. Good luck! Xavernus
