Hello Everyone, I am new to the board and had a question about secured cards. I have a secured card through Bank of America and I will be filing BK next month I know I have to include it but will I be able to reafirm it? Will BOFA close it I have been paying on it and want to keep it to rebuild my credit after the BK..
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By Secured, do you mean you gave BoA $500 for a $500 LOC. Then when you charge with the card, you pay back into the LOC??
If that's the type of Secured Card you have, you shouldn't have to list that card with BoA as a Creditor. That would be like not having to list CC's you have Zero balance with.
As to whether it will survive BK,......... That's totally up to BoA. Many times, CC's you didn't even file against will close an acct you have with them. Lots of CC's have a "General Default" clause that allows them to reduce your credit limit, increase your interest rate, or close your acct just because you default with other Creditors.Filed Ch 7 - 09/06
Discharged - 12/2006
Officially Declared No Asset - 03/2007
Closed - 04/2007
I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.
Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen... -
If this might be the case, and it is secured with your own money, I would probably do some shopping before I file and get your money out of it first or at least leave like a $15.00 balance and see if it survives.Originally posted by SinkingFastFiled: 08/09/06
341: 09/18/06
Discharged: 11/22/06
Closed 11/30/06Comment
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No actually I sent them $99 and they gave me a $500 credit limit I also bank with them so that may have been why the deposit was so low.Comment
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