How can we keep one credit card and one gas card?

[sassiebaz]

What if you have a card as an employee of the credit card co.? I opened one when I worked for discover. Wondering if that will have bearing on whether they close it or not....

[rustymich]

you have to include all your debt on your petition. And no, more than likely they will be closed by the creditor once they get notice that you filed. If you have been using them for normal things (gas, food, etc) you should have no problems with the creditors. If either of them have been used for luxury items recently then you could have a problem with them, but that's not certain. Stop using the cards, list them in your bankruptcy, and begin to learn to live your life without credit cards. Good luck to you.

amen to that

[momofthree]

no payments over $600 paid within the last 90 days so I'm good there.

With the gas prices going up though, I am debating on paying off the Chevron card somehow (balance is about $240) and holding on to that. It would be helpful to have at least a gas card. Right? Aren't they difficult to get after a BK?

)

Just to clarify, it's not any individual payment of $600, it's $600 to any one creditor over the past 90 days, so if you've paid $200 to your gas card each month, then you're hitting that $600-mark and the trustee will go after it....

[kornellred]

I do not understand how the unreported cards were missed at the 341 meeting. What you are saying is that credit reports can be incomplete to the point where attorneys and trustees do not notice debts that the debtor has not declared.

[tcreegan]

Hi all,

....old farming expression: "Hope for the best, prepare for the worst"

If you can keep a credit line open and in good standing through the BK, it will really help the post-BK credit score.....assuming, of course, you pay it off each month on time.
But don't be surprised if it gets closed.

Had another thought, for the "live and die by the credit score" crowd....if the card has zero balance going into the BK and the company does the auto-close response...send the company a request to keep the line open.

....and if anyone does this, post the results...?

Tom in Colo

[helpme2010]

I have been continuing to use only one MC credit card and one gas card (both low credit limits), and would like to keep them during and after Chapter 7. Both cards are current on the monthly payments and in good standing.

Questions:
1. How can I keep these cards? Is this a reaffirming debt situation??

2. If it's not possible to keep these cards, what situation will I face if I have been using these cards and now add them to the list of dischargeable debt??

2. If I am current on these cards and want to keep them, what Schedule do I add them to??

3. Do I add these creditors to the Mailing Matrix??

Any help or feedback would be much appreciated!!

I think one of the laws that changed with the new chapter 7 was not being able to keep any credit cards. Before the laws changed, my girlfriend was able to keep one credit card after chapter 7 open. But when I tried it recently with a low balance of only $300, my attorney said I couldn't do it. I did have a debit card, so that is the way to go. The debit card can be used like a credit card as well.

The only downfall is using it at a potentially dangerous place or for auto monthly payment plans (don't use it for either as you could get your account drained if you aren't careful). Another idea is a pre-paid credit card.

[tcreegan]

Hi kornellred,

I do not understand how the unreported cards were missed at the 341 meeting. What you are saying is that credit reports can be incomplete to the point where attorneys and trustees do not notice debts that the debtor has not declared.


Your attorney should have a copy of your credit report, your attorney needs every bit of info you can give them so nothing blindsides them in the case. They need this way before the 341, they need it before filing. The point is to have everyone on the creditors matrix. The only one who checks this is you and your attorney. If someone gets left off, its you and the creditors problem. If the creditor got left out of a distribution, they might pitch a fuss and go after you for the debt b/c they didn't get a BK notice. But if there was no distribution or it was miniscule, then no one pitches a fuss, no problem. If someone is on there by mistake, its no problem, they get the Bk notice, puzzled for a bit, then throw it away.

The trustee usually does not have a copy of your credit report, and doesn't want one anyhow. They are looking for assets to distribute to the creditors, and they assume any creditor who wants to get their piece of the pie to file a claim. Not their job to track down creditors. Not their job to find all your debts.

Credit reports are often incomplete, and over-complete, and just plain screwed up. One thing most people don't know/forget is that medical debts are rarely reported and won't be on your credit reports.

Your attorney should use the credit reports as a first round to find your creditors, then you provide anything else not on the report. Lots of people look at the credit report and go, "oh yeah, those guys..forgot all about them."

...the rule going into the 341 with the trustee is "cover your assets"

Tom in Colo

[tcreegan]

Hi all, Hi helpme,

I think one of the laws that changed with the new chapter 7 was not being able to keep any credit cards

...not in the new BK law or the CARD act that I know of, this should be entirely the lenders perogative.

Tom in Colo

[HRoark0717]

Just to clarify, it's not any individual payment of $600, it's $600 to any one creditor over the past 90 days, so if you've paid $200 to your gas card each month, then you're hitting that $600-mark and the trustee will go after it....

Paying $200 a month on my gas card over the last 90 days would be too rich for me...looks like I'm still good