Question regular credit cards and secured credit cards

[Hlc]

I have $180,000.00 in credit card debt. At least $ 90.000.00 of this is secured credit cards that are listed as business credt cards. I used these cards for my job gas, auto repair, food and also personal expences. Will I have any problem in a chapter 7 getting rid of the secured card debt?

Thanks

[StartingOver08]

What is the collateral for the cards? Cash deposit with the card issuer? Business bank accounts?

It should not affect the your ability to obtain a discharge in BK at all. You do have to list the collateral on your petition as an asset. Given your very brief description, you probably will be at a Ch 7 asset case or a Ch 13. Have you interviewed attorney's yet?

[Hlc]

I have not interviewed attorneys, plan to do so soon. The credit cards were issued to me as business credit cards , I have no cash up front with thses cards. The contract states that what ever i purchase with these cards is a secured debt. Question is how do you have a secured debt when buying gas, food, auto repairs, hotel stays, etc. Can they come after any of my assets?

Thanks for you help, I plant to file Sept 1st.

[StartingOver08]

Oh...sounds like they are referring to Purchase Money Security Interest (PMSI). This is typical for cards like Best Buy where you purchase an item, like a computer, and the security interest is not released from that computer until the entire card is paid off.

If you search through the various threads for PMSI or Purchase Money Security Interest, then you will see that the creditor may try to bluff you into reaffirming the debt at some point in your BK. Obviously that is not in your best interest. If you have tangible goods, they may in fact ask for those goods to be returned. Is most of your debt the consumable type debt eg. gas/food etc? If so, you have nothing to worry about at all. If you do have tangible goods from your purchases with the various cards, then you may have to turn the items over to the Trustee or creditor. HOWEVER, in most instances, the item was purchased a long time ago and the value of the item is minimal. In that case, many of the debtors have simply ignored the requests for return of the security. Please read the posts so you have a sense of how PMSI is treated in BK.

[Hlc]

thanks

Thanks " Starting over " for your help, i will follow the post you recommended.

HCL