Posted on: 16th May, 2012 01:47 am
my friend wants to file chapter 7 bankruptcy in the next week or so and wants to know what happens to current credit cards. they are all in good standing and he wants to keep. he has a capital one cash card that he would like to keep and wants to know if that's possible. also, when he files for bk7 are all cards supposed to have a 0 balance? the lawyer he talked to said that all existing cards you have will be closed by the creditors as soon as bk is discharged. is that true?
Hi Cansas!
Welcome to forums!
As far as I can understand, your friend's bankruptcy attorney is correct in saying that the existing cards will be closed by the creditor while in bankruptcy.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As far as I can understand, your friend's bankruptcy attorney is correct in saying that the existing cards will be closed by the creditor while in bankruptcy.
Feel free to ask if you've further queries.
Sussane
Welcome Cansas,
I agree with Sussane that the creditors will close your cards once they come to know that you have filed bankruptcy. You won't be able to use those credit cards any more. You will have to apply for new credit cards after few months of your bankruptcy discharge.
I agree with Sussane that the creditors will close your cards once they come to know that you have filed bankruptcy. You won't be able to use those credit cards any more. You will have to apply for new credit cards after few months of your bankruptcy discharge.