....but I fugured I'd ask anyway. If I file CH7 BK, can I keep a credit card out of it that has available credit? Is that the "smart" thing to do? I dunno...not fully versed in the credit world as of yet.
You must list all creditors. If the card has a balance you must list it. If it has a zero balance you don't list it in the matrix. But, all cc companies do account reviews on a regular basis. When the bk filing hits they'll likely cancel the card.
Thanks.....it has a "small" balance($500) right now, but I had planned on paying it off before filing. I guess I shouldn't bother and just include it.
Not sure if this helps, but our jcpenneys was paid before we filed and is still an active account. Maybe the store cards aren't as strict w/ it?? and I just remembered, we did try to keep our credit union visa and told them directly we were filing bk and asked if we had it paid in full would they continue the account and they said it would have to go before a "committee"...we didn't like our chances!! good luck
If the card is paid off in full at least 60 days prior to your filing, and not used until at least 60 days after your final discharge you will be able to keep it. They CANNOT "cancel" your card, they might raise your interest rate, and they might refuse to RENEW it, so make sure the renewal date is at least a year or so away.
Re: Re: This answer is probably somewhere.. Thanks for the info...I remember reading somwhere it's a good idea to keep at least one card out of it in case you are unable to obtain ANY type of card after filing.....I don't plan on using ANY credit cards for awhile so the 60 days won't be a problem.
