Oh my, here comes the 341!

[LostOne0069]

cancelling the card doesn't mean the debt becomes zero. You still owe them. A CC company will never mail you a letter saying 'we're cancelling your card, we give up, you owe us nothing'.

r

Read what he said again. He wasn't saying that they would cancel a card with a balance and wipe out what you owe. He was saying that if you have a card with a zero balance, you don't have to report this in your BK filing... AND that even though you don't owe this credit card anything and you didn't include it in your BK filing, that credit card company may decide to cancel your account anyway, as soon as they find out that you have filed bk.

Get it?

[LostOne0069]

Would you also agree that you should put on any cards that were charged off so that zombie debt collectors can't come back after you?

"charged off" doesn't mean you don't owe it any more. It's just the process where a credit card company will write off the debt as a tax loss. Most of the time, credit card companys do this at the same time they sell the debt to a collection agency. Either way, if you're filing BK... include EVERYTHING that you owe... even if it's past the statute of limitations. That way you don't end up with any nasty suprises down the road.

[Interlaw]

Would you also agree that you should put on any cards that were charged off so that zombie debt collectors can't come back after you?

You still owe money on a charged-off card. A charge-off is just an internal bookkeeping measure for the card company that means nothing in terms of your liability. You should always list as creditors everyone you owe money to, everyone you might owe money to, and everyone you don't owe money to (but they think you do), as well as anyone who might be able to make a claim against you for anything. There's never a penalty in bankruptcy court for listing someone you don't have to. There could be problems if you don't list someone you should.

Brett Weiss
[email protected]

https://www.brettweiss.com/bankruptcy

Maryland, DC and Federal bars
Member, National Association of Consumer Bankruptcy Attorneys

--> Read our Bankruptcy FAQ at www.brettweiss.com/bankruptcy/FAQ/br_faq.htmwww.brettweiss.com/faq/br_faq.htm.

************************************************** ***************
The Small Print: This response is for discussion purposes only.
It isn't meant to be legal advice and you shouldn't treat it as
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************************************************** ***************

[razorguns]

Read what he said again. He wasn't saying that they would cancel a card with a balance and wipe out what you owe. He was saying that if you have a card with a zero balance, you don't have to report this in your BK filing... AND that even though you don't owe this credit card anything and you didn't include it in your BK filing, that credit card company may decide to cancel your account anyway, as soon as they find out that you have filed bk.

Get it?

if the balance is zero to begin with, then they're not a "creditor".

so the issue is moot.

r