corporate cards and co-signers

[holding on]

Hello all, looking for some insight as to how these 2 things can be handled.

1. Forms say to list all payments to creditors within past 90 days. I've made monthly payments for that card since I received it. How are corporate cards handled for this? Corporate card is in my name backed by company but I am responsible for paying all bills.
I have monthly automated payments set up to pay this from my checking account. Will the trustee see this as a problem? I also read in another post that that person didn't list their corporate card in their bankruptcy. I thought all creditors had to be listed? Is there a way to list debt, but not include someone under a bankruptcy claim? (i.e. you list you have a debt with them but don't want their debt to be discharged under bk)

2. Does anyone know how long co-signors are protected for unsecured debt when only one person files? is it the life of the plan or can action be taken by a creditor at anytime?

Thanks for any info. Getting ready to file!

[lrprn]

1. Forms say to list all payments to creditors within past 90 days. I've made monthly payments for that card since I received it. How are corporate cards handled for this? Corporate card is in my name backed by company but I am responsible for paying all bills.

Does your company reimburse you so you can then pay the corporate card bill?

I have monthly automated payments set up to pay this from my checking account. Will the trustee see this as a problem?

YOu won't be the first person to file with a corporate credit card. The biggest issue is not what the trustee will think about having a well-documented automatic payment being taken out of your accounts but can your corporate card survive your filing.

I also read in another post that that person didn't list their corporate card in their bankruptcy. I thought all creditors had to be listed? Is there a way to list debt, but not include someone under a bankruptcy claim? (i.e. you list you have a debt with them but don't want their debt to be discharged under bk)[

The only way to not list your corporate card is to have the balance at zero on the day you file. Is that possible? And even then the cc company may cancel your card if they find out that you've filed.

At my lawyer's advice, I called my corporate card lender and explained the circumstances. Since I had a long record of on-time payments, no personal charges on the card, and my employer sends in the payments for my charges that are card-related, they agreed to leave my card open. But they did say that if they saw a single personal charge on it, they would cancel it immediately. It's been almost two years now and my corporate card is still open. It's possible to avoid losing your corporate card, but it's going to take some creativity and possibly some promises on your part to not use the card for personal reasons ever.

Does anyone know how long co-signors are protected for unsecured debt when only one person files? is it the life of the plan or can action be taken by a creditor at anytime?

Co-signers that don't file are not protected by your automatic stay - only you are protected. Unsecured and secured creditors can approach a co-signer that doesn't file any time they wish as soon as the first payment on the debt is overdue.

A person that is an authorized user of a credit card has no obligation to pay the cc card debt, so the creditor or collector has no right to ask an authorized user for payment.

[holding on]

Thanks Lrprn!

Does your company reimburse you so you can then pay the corporate card bill?

Only for company related charges, the personal charges I made I paid/pay for. I'm assuming the company card WON'T survive after bk (if it does its icing on the cake) I just don't want the trustee going after the corporate card to give back the money I just paid them cause then they will show me as having a balance due and will probably say i'm late which is a no no.

The only way to not list your corporate card is to have the balance at zero on the day you file. Is that possible?

Yes it is. If my lawyer will file on May 1st, one day before my foreclosure auction. But he says he doesn't want to cut it that close. I'll have to convince him that I need to do it that way.

And thanks on the co-signer info. I was under the impression 13 protected co-signers in some form or another.

[kmb]

I had a corporate card that I was reimbursed for, but which I paid directly. When the company found out I filed BK, they cancelled my corporate card. The trustee didn't seem to have an issue with it, but the CC company did. My company has more than 25,000 employees in the US, and they were not able to get the CC to reissue me a card without personal guarantee by someone in senior leadership, which I wasn't about to do.