Want to keep CC...should i still include?

[arami008]

If I include a CC in Schedule F but want to keep it, can it be discharged without the account being closed? Or should I reaffirm, or what?

The CC is only $200 in debt and we would like to keep it for emergencies.

Any suggestions?

Thanks in advance.

[chloe0724]

Sorry to tell you this, but more than likely even if you don't include it, it will be closed for you. Most credit card companies see the BK on your record and close them. It is possible for some 0 balance cards to survive BK, but it doesn't happen very often.

[arami008]

Really...that's a new one....well might as well include all of them.

Thanks Chloe.

[jessegirl]

You cannot pick which cards you would like to keep in a BK. Everyone will most likely be closed and is by chance one should survive, they will catch up to you when you least expect it and close it and sometimes you do not know its been closed until you are on line and using it.


WHy do you say really - thats a new one?? You can never pick a card that you want to keep and include the ones you don't want to in a BK.

[arami008]

Sorry for my ignorance...i thought you had that choice.

You learn something everyday.

[jessegirl]

Sorry for my ignorance...i thought you had that choice.

You learn something everyday.

Never feel sorry for a question.... Thats what the forum is for.....
You will have many many questions throughout your BK, this forum is
the best there is.

Goodluck

[JoeBankrupt33]

You don't have to include them if you don't owe them any money. So, if you want to keep the card, you have to pay it off before you file. Since it is so low, then it would not be counted as a preferential payment.

But, as somebody else stated, it might get closed anyhow after they learn of the BK.

I actually kept a CC when I filed in 2001. I applied for a Capital One the day before I filed, and I got a card with a $500 limit. I didn't include them because I didn't owe them any money and I was able to keep the card.

[cupcake]

I filed in February and two banks with whom I have zero balance cards have contacted me saying they have reduced my credit limit. One was for QVC (limit now $100) and the other was Neiman Marcus, I think. The zero balance card that I've been most concerned with is my Macy's Visa. I called the toll-free customer number just yesterday and the account is still open, but with a reduced credit limit to $500. I really hope the Macy's Visa survives because that will be the perfect tool to help rebuild my credit.

Also, I should add that two other zero balance cards have been closed since I filed. So, who knows...

[Brighterdays]

my friend had his lowes card kept open, but I am pretty sure 100% of visa/mc/discover and Amex all subscribe to the same reporting system. Your only chance is if you have a zero balance department store charge(you know the 22% and up ones). I have heard conflicting stories about if you have to list zero balances on you bk. I was told by my attorney it wasn't necessary. Time will tell

[Flamingo]

Got a good one for you all that I posted on here last fall. We had two zero balance cards survive our Chapter 13 and not get closed out. One, Dress Barn, I utilized for years charging $15/$20 now and then to keep the account open and paying in full. I went to utilize the card last fall at an outlet store and it would not go through (two years after discharge). I was advised by the cashier to contact customer service which I did and customer service advised me that the account was closed due to the BK on my records. Now, this account stayed open from 4/02 to 11/08. Goes to show you what they can do. Any credit account you have can be closed by the creditor at any time for any reason. There is no guarantee that any card surviving BK having a zero balance at the time of filing will survive. 98% of them will get cancelled out as many find out if not immediately, then, as in my case, years afterwards.

[Recessionist]

Cripes, I wouldn't want to keep any accounts even if I could. The thought of owing anyone for anything grosses me out - literally.

[Brighterdays]

No balances, but I do need a credit card. Hard to do business without one. some debit cards don't work at hotels, rentals and airlines. Told my attorney the same thing and she said " dont worry you will bet bombarded with offers after you get your discharge.

[arami008]

Thanks jessegirl for the support...and like you said i have a bunch of questions.

Sorry to hear they closed your account flamingo, especially to find out whe you are trying to use it.

I believe i forgot to add that the CC is under my husband's name and since i am filing alone..i am confused on whether or not to include it...i live in a community property state and i would like to know if i HAVE to include his debt as well? Or since I am filing alone (most debt under my name) i am not obligated legally to include his debt?

Thanks again to everyone who helps with my questions.