Bankrupcy

What is the name of your state? WA

1)I have one credit card that is completely paid off. In the event that I do have to file bankrupcy, will I be able to continue to use that credit card?

2)How long does it take to rebuild credit?

3)Is there a formula for figuring out whether you will be eligible to file Ch. 7?

Thank you

[Ladynred]

1 - You will not be allowed to use ANY credit during your BK. If its paid off, you don't have to list it, BUT, the creditor may close the account anyway when they see the BK on your credit report.

2 - You'll get flooded with CC offers, most of them secured and most of them really BAD deals. If you must do it, choose your secured card very carefully, read ALL terms before you sign anything.

3 - Not really. It all depends on your ability to pay. If you have no disposable income after all your normal expenses, then CH 7 is the solution. If you have a lot of equity in your home or a lot of assets to protect, then 13 is usually in order.