Reaffirming loan = keeping credit card?

[SJM]

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[magyar123]

Eactly what do you plan to reaffirm, a loan OR a credit card? Two different things.

[CindyLou]

how much of a balance and credit line are we talking about and who is the company?

[SJM]

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[learnmore]

Reaffirming Credit Card debt in order to keep account

I would really like to see an answer on this topic. I have a relatively new credit card with Chase that has a $0 balance. It is my only line of credit with Chase, who also holds my checking account. I would like to keep this card after Chapter 7, however since it has a very short history I suspect it will be closed.... HOWEVER, if I run up a balance before filing (on living expenses), can I simply reaffirm the resulting debt and then pay it off and continue using it post-bankruptcy. Has anyone ever heard of this working... and specifically with Chase?

[HHM]

WTF,

Do not reaffirm a credit card. There is absolutely, positively no reason to do so. (clarification, if a credit card actually files an objection or has a good case for an objection to discharge, then you may reaffirm, but there is absolutely no reason to reaffirm a credit card just so you can keep using, HELLO, you want to AVOID getting in debt after BK).

And do NOT run up a balance before BK.

[learnmore]

HHM,

I appreciate your response, but you're not following my logic. I am planning to file chapter 7 in 1-2 months. During that time I will spend money on living expenses. I can either use my debit card or the credit card in question for those purchase.... in either case I am 100% responsible for the charges since I am insolvent and planning a bankruptcy.

The advantage of keeping this particular card after bankruptcy is that it is eligible to be used for overdrafts on my checking account (...not something I plan to use often, but it sure helps to avoid all the fees and hassles of a simple mistake now and then). Also, the card has good benefits and obviously beats anything I would qualify for post-bk. I am not concerned with a lingering debt problem, because overspending on CC's is NOT what got me into trouble with debt.

Regardless of your views on whether this is a good idea or not, however, I'm simply asking if it has ever been tried and if it was successful. Basically, what I'm asking is if when a cc debt is reaffirmed, does the card agreement usually stay intact with a credit line available or does the card get canceled and only the debt remain?

[No Gravy]

HHM,

I appreciate your response, but you're not following my logic. I am planning to file chapter 7 in 1-2 months. During that time I will spend money on living expenses. I can either use my debit card or the credit card in question for those purchase.... in either case I am 100% responsible for the charges since I am insolvent and planning a bankruptcy.

The advantage of keeping this particular card after bankruptcy is that it is eligible to be used for overdrafts on my checking account (...not something I plan to use often, but it sure helps to avoid all the fees and hassles of a simple mistake now and then). Also, the card has good benefits and obviously beats anything I would qualify for post-bk. I am not concerned with a lingering debt problem, because overspending on CC's is NOT what got me into trouble with debt.

Regardless of your views on whether this is a good idea or not, however, I'm simply asking if it has ever been tried and if it was successful. Basically, what I'm asking is if when a cc debt is reaffirmed, does the card agreement usually stay intact with a credit line available or does the card get canceled and only the debt remain?

Like you, I would have liked an answer to this question. In the interest of rebuilding credit after-the-fact.

One of the things FICO scores on is the oldest account you have open. I got my first credit card in 1978, but when I filed bankruptcy the first time in 1993-94, that account was included in the BK.

My oldest account is now from 1994, and I'd rather not lose that credit relationship if I don't have to. The balance is only $1,100, yet when I asked my paralegal about reaffirming it, he looked at me like I was crazy.

[CindyLou]

There are many ways to build your credit back and MUCH cheaper than 1100!! Basically you will be paying them 1100 to keep your card. And there is no garauntee they will keep it open.

dont do it! i agree with hhm!!!