Does AMEX card survive Chapt 7?

[HOMEBODY]

I have an AMEX card for my business that although I am late on, I have been making payments on. I now owe about $600 and will have zero balance by the time I file BK. It is not a corporate card and it is not on my credit report. If I dont list them, will they close out the account?

I use this account to tie me up with monthly expenses such as office supplies and gas, etc. I dont go over too much, but right now with all the other credit cards that I am paying its been hard paying the monthly balance as agreed.

Has anyone's AMEX card survive BK? or any other card.

Thanks

[readytofile]

Stop putting the money into your AMEX and start putting it into a savings account. Then you'll have the money you need to get through a month ;)

[readytofile]

Let me add that if you stop paying on all of your credit cards you'll have more than enough. If you plan on filing chapter 7, why continue paying your credit cards?

[Chowder]

Has anyone's AMEX card survive BK? or any other card.

I had 3. Not only did they not survive. If they had, I'd still never use them.
AMEX was the worst of the worst when it comes to collection calls. Neighbors, obscure distant relatives, they really go way beyond legitimate collection.

[BKDefender]

Homebody,
Credit card companies monitor your credit report and if they ever find out you filed bankruptcy, they'll close your account even if you've been an excellent customer for 20 years.
I would agree with the previous posters - stop paying on your AMEX, tell them you're about to file bankruptcy, save your actual cash to use for monthly expenses, and get ready to file BK.

--William

[Chowder]

.........or any other card.

Lots of us have had cards slip through for one reason or another. I ended up with 5 accounts surviving.

I'm using two -VERY SPARINGLY- to rebuild.

[music12]

two discovers plus an amex survived... but i know they can be closed any time.

[goingcrzy]

My Costco Amex survived. But I haven't used it. I am sure once I use it, it will be canceled.

Most likely your Business Amex is personally guaranteed (mine was). once you file, that account will close. Save your money.

[BROKEDED]

I had 3. Not only did they not survive. If they had, I'd still never use them.
AMEX was the worst of the worst when it comes to collection calls. Neighbors, obscure distant relatives, they really go way beyond legitimate collection.

I would agree there. I'm just over 60 days late on mine and they've already called my parents looking for me about a umm err "business matter". My mom left me a message. Haven't spoken with her yet. Trying to think of good story. Maybe explain it as possible scam artist trying to phish information. Yeah, that's it.

[DebtStinks]

Amex is very BK unfriendly...

Even if you made it through somehow they run regular credit checks and financial audits, if they find the BK it's game over. Just do a google on "financial review" for amex and you will see the nightmares.

[SweetGeorgia]

Wondering the same thing, but I know Amex is very unforgiving - not just over bankruptcy! I owed them $300 for 3 months once... in 1994.

I paid them, they closed the account, and that sucker is STILL on my credit report. Now it just says "closed at creditor's request," and I long ago stopped trying to get a deletion because it's like some weird persistent-but-powerless stalker.

[ItsJustMe]

I would agree there. I'm just over 60 days late on mine and they've already called my parents looking for me about a umm err "business matter". My mom left me a message. Haven't spoken with her yet. Trying to think of good story. Maybe explain it as possible scam artist trying to phish information. Yeah, that's it.

Agreeing here, too. They were the reason we filed BK. Our payments doubled and while we were working it out w/them, they started calling around our relatives and neighbors . They (well, their CA) even called my parents and called my mom and idiot and lovely things like that . Awful.

My only card to survive was US Bank.

[Logan]

Homebody,
Credit card companies monitor your credit report and if they ever find out you filed bankruptcy, they'll close your account even if you've been an excellent customer for 20 years.
I would agree with the previous posters - stop paying on your AMEX, tell them you're about to file bankruptcy, save your actual cash to use for monthly expenses, and get ready to file BK.

--William

I had a card survive BK. Also, I paid right up to when I filed so that I wouldn't have any lates so my credit would bounce back quickly.

Everybody's situation is different and my attorney advised me to stop paying my cards but in the past I had worked with people who had been through a BK and I ran all of there credit reports and the people with a 'cleaner' report prior to BK had their credit rebound more quickly.

Most people disagree with me on that subject but all I know is I had no problems getting credit cards pretty quick out of BK and I have more credit than I need today--2.5 years later.

Logan

[DebtStinks]

I had a card survive BK. Also, I paid right up to when I filed so that I wouldn't have any lates so my credit would bounce back quickly.

Everybody's situation is different and my attorney advised me to stop paying my cards but in the past I had worked with people who had been through a BK and I ran all of there credit reports and the people with a 'cleaner' report prior to BK had their credit rebound more quickly.

Most people disagree with me on that subject but all I know is I had no problems getting credit cards pretty quick out of BK and I have more credit than I need today--2.5 years later.

Logan

Our BK was very strategic... we didn't have a single late payment but the writing was on the wall. It was game over and it was just a matter of time before we couldn't cover our payments without hitting exempt assets (401k, etc.). We made the decision to stop paying on everything 3-4 months prior to our filing date. It worked out well, we paid for the attorney, put some cash into savings, and were just under the exemptions for a CH7 in CA.

My goal is to get back into a home here in the next couple of years. We have the down payment and our mortgage will be about half of what the same house would rent for. If I had to do it all over again I would have sucked it up for those extra months and filed our bankruptcy while being current on all our payments. The main drop in our credit scores came from all the late payments that happened prior to filing.

Like Logan said... everyone's situation is different. However, if we had a chance to do it again we'd stay current up till the filing date.

[HakunaMatata]

I paid nearly every card up to filing. They dumped me (including two Amex cards that didn't have balances). A few zero balance cards seemingly survived. I'm waiting for at least one of them to disappear (highly doubtful discharged debt Citi wants to extend $10k to me these days!). My pre-filing missed mortgage payments were hard-hitting in the credit score domain.