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What about credit cards..just the facts!

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    #1

    What about credit cards..just the facts!

    I filed on Oct. 12th., pre new law time. I have read on the "Bankruptcy FAQ" area that at the 341 meeting the trustee assigned may ask the following question: "Have you destroyed your credit cards?" WHY?? Should they be destroyed?
    Also, from the beginning I was advised by my tax advisor and have also read on this forum that I should not pay my monthly credit card bills. Can someone let me know, who has done this, if this is correct.
    Tags: None
    #2
    Regarding not paying credit cards...Yes, every lawyer will say the same thing AS LONG AS THEY ARE NOT SECURED BY COLLATERAL.

    Yes, many have done so, mainly as they will no longer be usable, so have a Card-B-Que! I'd like mine with cheese!

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      #3
      Our credit cards became useless as soon as we filed our Chapter 7 BK petitions! (I even got one odd letter from a creditor saying they changed my "credit limit" to "zero dollars" haha!!! duuuuh...)

      I think there are as many ordinary personal differences in the trustees as there are trustees. There are a half dozen standard questions, after that there are thousands of individual personal differences... Don't worry, most of the trustees are human, but they have to do their job and see if there are any assets they can get from you.

      I went to observe a dozen 341 meetings today, and it was very reassuring. 100% were ordinary, no asset cases, and the questions lasted 2-3 minutes for each case, at most.

      There were NO questions about credit cards!
      Last edited by quest42; 11-03-2005, 08:30 PM.
      I'm in N. California ... Thanks for your replies!
      10/11/05: bought www.form7.com software
      10/14/05: Filed Ch 7 BK Petition pro se skeleton
      10/27/05: Filed all schedules, etc.
      11/17/05: 341 meeting (done!)
      01/16/06: Last day to file objections
      01/18/06: Discharged, closed

      Bankruptcy LINKS

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        #4
        My Trustee did not ask if I had destroyed my cc's. I might have laughed though as they had all been maxed out for quite some time and since I had been unable to pay any of them for the past 6 months they were worthless anyway. I like the card-b-q idea, however I would have to be careful I might start a forest fire burning all my cards (Oh, I'm sure I was somewhere in the midrange in number but it struck me as funny)

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          #5
          Hi, there!

          A credit card with zero credit limit still have some use, although very limited, of course. For instance, such a card could be used to authenticate a PayPal account.

          Regards,

          Albert L.

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