Preparing: current credit cards, property

[bkfun]

For the sake of future credit, do you close credit card accounts in good standing on your own? Accounts with small balances? Accounts with $0 balance? What are the chances of accounts with $0 balance not being closed at all?

Any other tips for preserving credit scores or rebounding more quickly? Anything else that should be done now before filing?

How detailed do property inventories get? Are we talking about listing 23 opened containers of cosmetics, 2 half used shampoos, one box of hello kitty doll accessories, etc... or do we say child 1's toys, child 2's toys, etc? Can the same item fit under multiple categories of exemptions? i.e., I use a personally owned computer for work on a daily basis. I also have a family computer at home. Can one be a "tool of the trade" and the other be under the 1 computer exemption?

[justbroke]

For the sake of future credit, do you close credit card accounts in good standing on your own?

This may be the best way to handle this. I didn't do this, but I did paydown some balances (under the limit to trigger any clawback by the Trustee).

Accounts with small balances? Accounts with $0 balance?

I paid off two accounts prior to filing so that they'd be at $0 and I could keep them.

What are the chances of accounts with $0 balance not being closed at all?[

I would say it's a 100% chance they'll be closed. I paid down two accounts and had another that was already at $0. Only one survived the filing of the bankruptcy even though I didn't "include" (schedule them on Schedule F -- Unsecured Creditors). The one that did "survive", Jareds, continued to report as open and with a good credit line. Eventually, after discharge, I asked for a CLI to "test" the card. Sterling (parent of Jareds) summarily closed the account; reason? bankruptcy.

I can say anecdotally that debtors have had accounts pass through bankruptcy without the issues that I had. Maybe it's not 100%, as was my personal experience, but I would not expect an account to survive over time.

Any other tips for preserving credit scores or rebounding more quickly? Anything else that should be done now before filing?

I will say this. I think that everyone worries about what their credit will look like after they are discharged from a bankruptcy. Not everyone is per-occupied with this thought, but have some concerns. Personally, I would not worry about my credit or rebounding. From experience, I had so many credit offers after discharge, my head was spinning. Within 2 years my scores were exceeding my pre-filing scores (pre-filing average 660, 2 years post-discharge average 690).

How detailed do property inventories get? Are we talking about listing 23 opened containers of cosmetics, 2 half used shampoos, one box of hello kitty doll accessories, etc... or do we say child 1's toys, child 2's toys, etc? Can the same item fit under multiple categories of exemptions? i.e., I use a personally owned computer for work on a daily basis. I also have a family computer at home. Can one be a "tool of the trade" and the other be under the 1 computer exemption?

Your personal property should be grouped. I used miscellaneous clothing, miscellaneous electronic equipment (I listed my TV separate), miscellaneous household goods (food, pots, pans, plates, etc), miscellaneous media (books, dvds, etc), and firearms and sporting equipment. They do not want a detailed inventory, but they also don't want you to list it as "my stuff". Some exemptions are collective, but where you're allowed "one television" you may want to list it separately on Schedule B and C so that you can exempt it specifically.

If you're filing Pro Se, please obtain a guide such as a NoLo's bankruptcy guide. I can't give you any specifics on whether you can claim one exemption over another. I also can't tell you how to classify a computer you "use for work".

[brokehmowner]

Don't worry about your credit report. It will rebound, and it won't take long, only long enough for you to establish that you want to deal on a cash only basis. After our discharge in 2013, we have 5 new credit cards and have not paid a dime in interest since then. We only use cards for rewards, and we don't charge what's not already in the bank.