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is it possible to keep a card after the bankruptcy?

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  • is it possible to keep a card after the bankruptcy?

    I have several credit cards...but I only have balances on 4 of them which will be in my bankruptcy when I file. Is it possible to keep the cards I don't owe a balance to? Some of them are the same bank as ones I will be including in ch 7...but HSBC for example, I do not owe them anything and I have a zero balance on that card. Anyone know if they will close the account? It has a small limit and no annual fee, which is why I would prefer to keep it just for the credit history to help re-establish after it is all said and done. Any cards in particular that any of you were able to hang on to? I searched but haven't been able to find any clear answers on this...

  • #2
    First mention these cards to your attorney. Secondly, probably all of the cards will be closed out by the creditors shortly after you file or in the several months following your filling once they get wind you filed. It is possible one or more may stay open or opened for a while before being closed due to your filing BK. However, realize they can be closed out at any time and you can go to use the card and be denied at the time of purchase because the card was closed out and you did not know it.

    Do a search on the forum for this subject as it has been discussed heavily. I see you are new and the forum rules ask for all new posters to do a "search" for their subject before posting as many subjects are heavily discussed.
    _________________________________________
    Filed 5 Year Chapter 13: April 2002
    Early Buy-Out: April 2006
    Discharge: August 2006

    "A credit card is a snake in your pocket"

    Comment


    • #3
      Originally posted by mgs0987 View Post
      I have several credit cards...but I only have balances on 4 of them which will be in my bankruptcy when I file. Is it possible to keep the cards I don't owe a balance to? Some of them are the same bank as ones I will be including in ch 7...but HSBC for example, I do not owe them anything and I have a zero balance on that card. Anyone know if they will close the account? It has a small limit and no annual fee, which is why I would prefer to keep it just for the credit history to help re-establish after it is all said and done. Any cards in particular that any of you were able to hang on to? I searched but haven't been able to find any clear answers on this...
      I had 2 cards with 0 balances when I went through BK. 1 was cancelled and 1 I still have.

      Logan

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      • #4
        Almost anyone can get credit soon after a bankruptcy. ... "While I am going to be very careful with my new credit (card), I am heartened ... If you're recently bankrupted, here are two things you need to keep in mind: ... Although repeat bankrupts show that getting credit after a chapter 7 [URL Removed] or 13 filing is possible, ...
        Last edited by HHM; 04-22-2010, 06:31 AM.
        [Solicitation material removed by admin]

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        • #5
          Possible yes, likely no

          Comment


          • #6
            At our 341, the trustee specifically told each and every person there to destroy all credit cards.
            All information contained in this post is for informational and amusement purposes only.
            Bankruptcy is a process, not an event.......

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            • #7
              I had five accounts with zero balances at the time of filing. A Macy's Visa, Macy's store account, QVC card, Neiman Marcus and Nordstrom. The Macy's Visa, Macy's store account and the QVC card all survived, remain open and I use them somewhat regularly. I should note, however, that the limits on all three were reduced. The Macy's accounts were reduced to $500 each and the QVC account was reduced to $100. Since my discharge last July, the Macy's account renewed and I received a new card. Also, my limits on the two Macy's account have been raised to $1,000 each.

              YMMV...
              CH7 Filed 2/26/2009 (no asset)
              341 Meeting 4/7/2009
              Discharged 7/10/2009
              Closed 7/28/2009

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              • #8
                I had two cards without a balance. The GAP card was closed after filing (before discharge), the USBank account lowered the limit (from $8K to $300) but remains open.

                Comment


                • #9
                  While I didn't get to keep any of my cards that had a zero balance after my bk... I was able to reopen an account. I applied for a Lane Bryant credit card soon after my discharge and they sent me a letter saying thank you for applying, we see that you previously had an account with us and we are reopening the account. That was with Spirit of America bank at the time... they have since been bought by WFNNB who can't stand me now ...if I apply for anything that is backed by WFNNB they don't even check my credit and deny me for only 1 reason "Bankruptcy". So, I guess I snuck under their radar with the lane bryant card. They just approved a limit increase... so, hopefully they won't close my card.
                  BK Ch 7 Discharged 09/2009 | Anything I say can and should be used as friendly advice and sharing of experiences with an unbiased viewpoint.
                  Scores: EQ 745 EX 704 TU 710 as of 08/15/2012

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                  • #10
                    we had 1 card with 0 balance we never used. no need to report it. bk discharged 2 mo ago and we are using it for small purchases. who knows if/when they cancel

                    Comment


                    • #11
                      Originally posted by cupcake View Post
                      I had five accounts with zero balances at the time of filing. A Macy's Visa, Macy's store account, QVC card, Neiman Marcus and Nordstrom. The Macy's Visa, Macy's store account and the QVC card all survived, remain open and I use them somewhat regularly. I should note, however, that the limits on all three were reduced. The Macy's accounts were reduced to $500 each and the QVC account was reduced to $100. Since my discharge last July, the Macy's account renewed and I received a new card. Also, my limits on the two Macy's account have been raised to $1,000 each.

                      YMMV...
                      My cousin has a Macy's store account card and it survived her Ch 13.
                      Filed: 5/22/07; 341 Hearing: 6/27/07;
                      Confirmed: 8/13/07; DISCHARGED 4/17/2012

                      Comment


                      • #12
                        Originally posted by mgs0987 View Post
                        I have several credit cards...but I only have balances on 4 of them which will be in my bankruptcy when I file. Is it possible to keep the cards I don't owe a balance to? Some of them are the same bank as ones I will be including in ch 7...but HSBC for example, I do not owe them anything and I have a zero balance on that card. Anyone know if they will close the account? It has a small limit and no annual fee, which is why I would prefer to keep it just for the credit history to help re-establish after it is all said and done. Any cards in particular that any of you were able to hang on to? I searched but haven't been able to find any clear answers on this...
                        There are hundreds of postings in this forum regarding credit cards surviving a bankruptcy filing.. Briefly, if a zero balance card survives after your discharge, the chances of it getting closed out over the next several months are very high; in fact, expect it to get closed and it can be closed at any time. There are some cards that do survive but there is absolutely no guarantee.
                        _________________________________________
                        Filed 5 Year Chapter 13: April 2002
                        Early Buy-Out: April 2006
                        Discharge: August 2006

                        "A credit card is a snake in your pocket"

                        Comment


                        • #13
                          Quick update...

                          All of the zero balance cards that survived my CH7 discharge in 7/2009 are still open. And, the Macy's Visa is now a Macy's AmEx; I thought for sure I'd lose that account when AmEx took over. The strange thing is that I also had a zero balance Neiman Marcus store card at the time of filing which is still reporting as being open and paying as agreed. I called NM to see if the account is still open and they have absolutely no record of my account ever existing, even though they are reporting. Odd.

                          I know that it is entirely possible that any of these accounts could be closed at any time but so far I've had no problems.
                          CH7 Filed 2/26/2009 (no asset)
                          341 Meeting 4/7/2009
                          Discharged 7/10/2009
                          Closed 7/28/2009

                          Comment


                          • #14
                            Originally posted by cupcake View Post
                            Quick update...

                            All of the zero balance cards that survived my CH7 discharge in 7/2009 are still open. And, the Macy's Visa is now a Macy's AmEx; I thought for sure I'd lose that account when AmEx took over. The strange thing is that I also had a zero balance Neiman Marcus store card at the time of filing which is still reporting as being open and paying as agreed. I called NM to see if the account is still open and they have absolutely no record of my account ever existing, even though they are reporting. Odd.

                            I know that it is entirely possible that any of these accounts could be closed at any time but so far I've had no problems.
                            Store cards often survive, especially if you have had a long history with them. They survive because they typically do not subscribe to the services offered by the credit bureaus that inform them each month of new bankruptcies, etc.

                            If you try to use the cards for a large purchase, do not be surprised if they close the account.
                            You can't take a picture of this. It's already gone. ~~Nate, Six Feet Under

                            Comment


                            • #15
                              Originally posted by backtoschool View Post
                              Store cards often survive, especially if you have had a long history with them. They survive because they typically do not subscribe to the services offered by the credit bureaus that inform them each month of new bankruptcies, etc.

                              If you try to use the cards for a large purchase, do not be surprised if they close the account.
                              I use them for small purchases (under $50) just so they are being used every few months or so. If I had a large purchase to make I would pay cash anyway.
                              CH7 Filed 2/26/2009 (no asset)
                              341 Meeting 4/7/2009
                              Discharged 7/10/2009
                              Closed 7/28/2009

                              Comment

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