Zero bal credit card through BK

[Dis0314]

whats up everyone..
I'm preparing for a chapter 7 in Texas and was wondering if anyone had any input on credit cards staying open after filing Chapter 7? From what I understand you have to list all your creditors and Discover is a creditor but it is about 8 months old, used once for a $10.00 charge and paid off.. Do you think discover will close the card or stay open?

[LadyInTheRed]

Welcome to bkforum!

First of all, by definition, a creditor is somebody to whom you owe money. If a card has no balance, then you don't have to list it on your petition. But, it is a good idea t list them anyway to avoid a creditor coming along later and claiming you do owe them money.

Regardless of whether they are listed on your petition or have a balance on the date you file, your credit cards will most likely get cancelled when you file. My Discover card that had no balance took a while to be cancelled, but it eventually was. There are exceptions. I still have an open American Express account. I haven't tried using it, but they still report the account as open on my credit reports and still send me notices of term changes. I'll see if it remains open after my discharge next year.

Other forum members have reported credit card accounts surviving bankruptcy. But, you shouldn't count on it. To get the best of your BK fresh start, you should get used to living without credit cards anyway.

[Dis0314]

thanks for the welcome and the reply

I wasn't planning on using the card but really was sort of hoping it would stay alive to help with credit rebuild post-BK. I guess it will just be one of those wait and see deals. I will mention it to the attorney and see what he thinks on listing it or not.

[TXskyblue]

I don't know about Discover, but I had two zero-balance CCs make it through BK without closing. Both were with different credit unions.

I did the wait and see thing as well. When I was discharged, I went to the gas station and tried them on a gas pump so that I wouldn't get declined in person.