Include on Creditor Matrix?

[ApresMoi]

Hi All -- I am swimming in paperwork this weekend. Can you please let me know whether I need to include credit card accounts with ZERO balances on the creditor's matrix? I would like to keep those accounts out of the bankruptcy if possible. These are mostly department store cards that I haven't used in ages, but would like to keep, if possible. Thanks.

[justbroke]

Regardless of whether you list them or not, they will more likely than not, be closed automatically. It is a common practice to not "include" zero-balance accounts, since you don't owe anything to the creditor. Alas, that will not keep the account from being closed once the creditor discovers that you filed Bankruptcy.

[ApresMoi]

Regardless of whether you list them or not, they will more likely than not, be closed automatically. It is a common practice to not "include" zero-balance accounts, since you don't owe anything to the creditor. Alas, that will not keep the account from being closed once the creditor discovers that you filed Bankruptcy.

Ok, thanks. :-(

[mtbc]

Of course, if you paid them much lately, you may still have to mention them in answering question 3 of the Statement of Financial Affairs, though I'm not aware that that comes with any requirement to also list them on the mailing matrix.

[mtbc]

The zero-balance card I had was closed a few weeks after I filed. Well, it suddenly became "account restricted" which I'd guess is as good as closed.

[ApresMoi]

The zero-balance card I had was closed a few weeks after I filed. Well, it suddenly became "account restricted" which I'd guess is as good as closed.

Ah, just as the other poster said. Too bad. I wonder if I talk to them ahead of the filing whether I can dissuade them from restricting or closing it. I doubt it. Worth a try though.

[ApresMoi]

What about closing the department store cards myself, in advance of the BK. Would that give me any advantage in future years? Like reopening after BK? Just trying to figure out if there is any way around having all those 'closed at credit grantor's request' show up on my credit reports.

Regardless of whether you list them or not, they will more likely than not, be closed automatically. It is a common practice to not "include" zero-balance accounts, since you don't owe anything to the creditor. Alas, that will not keep the account from being closed once the creditor discovers that you filed Bankruptcy.

[justbroke]

What about closing the department store cards myself, in advance of the BK. Would that give me any advantage in future years? Like reopening after BK?

To the extent that you had "good" trade lines on your credit report prior to filing bankruptcy, that can help once you emerge from bankruptcy.

The real problem is when the creditor re-runs your credit, that's when they'll see the bankruptcy. However, the more important thing, after bankruptcy, is paying your debts on time and not getting into any more trouble. Your credit will improve as time moves on. There are many people on this board that received credit within days after being discharged from their Chapter 7.