Chapter7 and Keeping Credit Cards

[zeldadll]

What is the name of your state? TX

If I file Ch7 I was told I do not have to declare -0- balance CC accounts, but also that I would likely have these accounts cancelled by the CC Company. In this case Cap One and Household Bank

I also read there is a fair chance 0 balance accounts will not be closed, especially with a good payment history.

Q. Is it best to pay the card to 0 balance, not declare the creditor, and hope the account is not closed (what are the chances?)?

Q. Even if closed, for CC application in the future if they are listed as a creditor and loose $ are they not more likely to never give credit again?

Q. If they are not listed and have no loss through me aren’t my chances of getting credit through them in the future infinitely greater?I have also read they may not cancel the accounts especially if there is a good payment

[zeldadll]

Is there no one who has encountered this scenario?
It seems this question would be rather general in nature.
Can anyone answer?

Thanks

[bdancer]

You are considering PAYING off credit card balances BEFORE you file bankruptcy? Capitol One and Household are very likely to immediately close your accounts when you file.

What kind of debt are you hoping to discharge in bankruptcy?

[efflandt]

If you read the latest disclosure statements from those credit cards, you will likely find that they can base their actions on ANY credit history they can access (not just with them). So if you default on other cards or loans, you may be treated as if you had defaulted to them. So what do those disclosure statements say will happen if you are in default?

[pojo2]

Originally Posted by zeldadll

.

Q. Is it best to pay the card to 0 balance, not declare the creditor, and hope the account is not closed (what are the chances?)?

You are learning nothing about yourself and your irresponsible use of credit. This is shown in that you want to make sure you still have that credit card to use.

Yes, keep one for emergencies then realistic take a look at what you are identifying as an emergency when you take it out to once again build your way to DEBT you can not pay off.

Nice? No, but very realistic!

Chances are even if the accounts are closed and even ifyou are smack in the middle of the BK those two cards with very low limits would be available to you in the time it takes to apply online!

[zeldadll]

pojo2

I see narrow mindedness and personal judgements are not beneath you

I had a 780 rating until my wife used cards, hid statements and changed addresses without my knowlege.

So keep you responsible use of credit opinions to yourself!

[zeldadll]

For anyone wanting the specifics on this question this is what I found myself


QUESTION: May I keep a credit card if I do not owe money on it?

ANSWER: If you do not owe a creditor any money, you don't list it in your petition, and the creditor will most likely allow you to keep the card. Sometimes though the creditor may learn of the bankruptcy and revoke the card.

[zeldadll]

More On this:

Our experience has been that most credit card companies, other than Home Depot, American Express, AT&T, Providian and Chase Manhattan, do not cancel your card if you do not list them in the bankruptcy, and you can continue using the card after bankruptcy. However, some companies have been changing their policy on this, so we cannot reliably tell you which credit cards will close your account. If you owe money on the card, but want to keep it, your lawyer will explain your options to reaffirm the account.