Debt and Bankruptcy
Credit and Debit Cards

If you file bankruptcy but still have some credit cards with a zero balance on them will you still be able to keep them or will they automatically be closed?


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2005-11-18 08:45:16
2005-11-18 08:45:16

If you have credit accounts in good standing then do not include them in your bankruptcy.


Related Questions

Yes, you can include your negative checking account balance in a bankruptcy. Be aware that your account will be closed and this will ruin your credit with this bank and potentially other banks.

Yes. You are not really getting credit-it draws from your balance like an atm.

It will remain on the report for the required length of time and should be marked "included in bankruptcy."

"Whether a debtor keeps credit cards after filing bankruptcy is up to the credit card company. If you are discharging a credit card they will cancel the card unless you reaffirm the debt. Even if you have a zero balance the credit card company might cancel the card."

Bankruptcy does not get discharged. Debts are discharged. The bankruptcy will remain on your credit report for 10 years from the date of filing. The debts that were discharged can remain for 7 years from the date of discharge, showing a zero balance and that they were discharged in bankruptcy.

The card holder is under no legal obligation for the card holder to continue making payments after filing for bankruptcy, unless the case is dismissed without a discharge. There are some who believe that they can improve their credit rating by pay off debts that were discharged in a bankruptcy, but I believe there are better methods to reestablish credit after bankruptcy.

Not likely. They can come to collect if you have a balance but sue you why?

No, However it may be possible to pay off your debt with a credit card.

The bankruptcy will appear on their credit if you include this card in your bankruptcy. If you leave the card off the bankruptcy, it will not effect their credit.

The still stay on your credit report the normal length of time for negative credit entries (7 years). After the discharge, they might still show a balance but should also make not of being included in the bankruptcy.

The period of time after bankruptcy is like starting over in the credit world. You need to act squeeze clean. Get a new card and pay your bills on time paying the full balance.

You can build up credit after bankruptcy by opening up a new checking and savings account. Another good way to build up credit is to make sure you pay off your balance every month and get a secured credit card.

Its permanent its just that after 3 you can apply for an early release and after 7 you are automatically released.

Bankruptcy lowers your credit report.

It's better to pay off the balance and keep it open. It proves that you are competent enough to keep a credit card and not get into trouble with it. It will also increase your credit score.

Bankruptcy should be removed after 6-7 years from discharge, if you have another bankruptcy within 6-7 years, it will take longer to remove or could be permanently on your file

If a credit card is closed it cannot have a balance. Just because you have stopped using the ard you cannot declare the account closed. If you owe even one penny, the account is open and the credit card company can 'report a 30 day late'

Bankruptcy can stay on your credit report for up to 10 years. If you obtain the credit report directly from the credit reporting agency (ie. Equifax, Transunion, Experion) the report will provide you with directions on how to dispute the information.

Only those creditors you list on your bankruptcy schedules / creditor matrix (list) will receive actual notice.

There are many companies that specialize in bankruptcy credit counseling. Companies that specialize in bankruptcy credit counseling include Alliance Credit Counseling, American Consumer Credit Counseling, and Approved Bankruptcy Certification Services.

Remember if you closed these credit cards, your credit score will take a big hit! Its best to just keep the balance open but don't use the cards anymore.

Me personally I don't think if the card is closed then No u can't so good luck bye

Yes, you have to list EVERY creditor that you have an account with, even those that you are current with or have no balance due. You can run the risk of getting in trouble with the bankruptcy court if you don't.

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