Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

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Keeping a Credit Card Through Bankruptcy

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  • Keeping a Credit Card Through Bankruptcy

    So I'm back here after 8 years Lol .... I filed my 2nd Chapter 7 Bankruptcy in October & received a Discharge in January.

    My question is in regards to keeping a credit card through bankruptcy with a $0 balance (or the consequences of attempting to do so). While I've heard that this is possible, unfortunately, through electronic records, most creditors will learn of the filing through the "back door" & automatically close the account. They use the same system as the car dealerships who specialize in bruised credit Lol, the ones that send you solicitations because you filed a Chapter 7.

    I kept my Home Depot Card & Amazon Store Card (Synchrony Bank) open with a $0 balance after the filing date. Home Depot immediately closed the account -- I figured Synchrony Bank would follow suit, too, so I charged $200 on the account to force them to keep it open so they would send me a monthly billing statement. Synchrony Bank decided to discharge themselves in my Bankruptcy filing! I called the creditor & offered a Reaffirmation Agreement, but they refused & lectured me saying how all debts are discharged in bankruptcy.

    Ok, now here is my dilemma -- I would like to use Synchrony Bank in the future, but they will most likely deny me with the derogatory notation. I've submitted disputes with the credit bureaus asking them to remove the "discharged in Chapter 7" status, because the creditor basically "wrote it off as a gift." Will they submit a response, or do nothing & let it fall off my credit report -- To Be Or Not to Be?

    Or could they notate it as "Charged Off" & collect on that debt, even though I was Current & Paid as Agreed? Please offer your insight. HHM, JustBroke? Anyone, Anyone, Bueller? Lol

  • #2
    Debt included in bankruptcy should either be removed from the credit report or listed at IIB (Included in Bankruptcy) with a $0 balance. It is entirely a creditor's prerogative to close an account, and as you see they can even close a $0 account (happened to me with Sterling/Jareds). Synchrony is bankruptcy friendly so they would likely allow you to come back to them.
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog

    I am not an attorney. Any advice provided is not legal advice.


    • #3
      Thanks JustBroke! :-) My only concern in this rather unique situation is the $200 charge incurred after the filing date. Yes, the creditor can close the account, but they went a step further and pretended they were included in the creditor matrix; they decided this debt was discharged in bankruptcy.

      By disputing with the credit bureaus, could they potentially send me a bill or update the notation to "charged off?" All I wanted was an open "paid as agreed" account, but I'm worried I may be opening a can of worms. By discharging themselves, the write off is technically a gift, since the creditor did not follow standard procedure by sending me the next monthly statement.


      • #4
        I had a similar issue because I was self-represented and didn't understand what would happen. At the time of filing I had a $0 balance major gasoline credit card and I wanted to keep it. The card was not "included" (listed/scheduled) in my Chapter 13. I used it for 2 weeks post filing. It was certainly over $200 balance by then. The issuing bank canceled the card and included that "post petition" balance as dischargeable debt.

        That account was IIB (included in bankruptcy) and listed as $0 with no history.

        Ce la vie!
        Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
        Status: (Auto) Discharged and Closed! 5/10
        Visit My BKForum Blog: justbroke's Blog

        I am not an attorney. Any advice provided is not legal advice.


        • #5
          I think you're going to spend more time and effort than it's worth to try and salvage an existing $0 balance account. I would just move forward with getting a new credit account, whether that be a secured credit card, store card, or similar and down the road if you want to get a new account with Synchrony you'll likely be able to do so.


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