keeping credit cards

[turtle59]

Can I keep a credit card or 2 open for emergencies, travel necessities or do I have to apply for new cards?

[HHM]

Most of your questions have already been addressed in this forum, so please use the forum search feature.

But, the decision to keep credit cards is entirely up to YOUR CREDITORS. Many creditors, even if you have a zero balance, will close your account once they discover your BK.

Your next question, how do they find out. Creditors will see your BK on your credit report during routine audits and promotional audits. Most mainline credit cards will close your account.

[epiphany]

If you have a balance on those credit cards you wish to keep "open", at the time you file, forget about it. You HAVE to include them in your BK.

As HHM said, use the search feature and you will find answers to most of your questions. You will also discover you had questions that you didn't even know you had.

ep

[turtle59]

If my wife has a credit card in her name or if I am jointly will she loose hers also?

[lrprn]

If my wife has a credit card in her name or if I am jointly will she loose hers also?

Are you a co-signer or an authorized user on your wife's credit card?

And please forgive me for being blunt, but since you are filing bankruptcy, it's time to figure out how to live within what you two make without using the credit card crutch.

Let me ask another hard question - are you saying that without your unsecured debt and giving back any assets you are surrendering, you still don't make enough to live on without using credit cards? If the answer to this is yes, then bankruptcy is not going to help you very much. You need to find a way to make more income or reduce your expenses. There's no other way.

[JRScott]

It is hard to keep a credit card even one with a 0 balance thru a bankruptcy.

In a way its better that way. At least initially. We are all brought to bankruptcy by overconsumption. We spend more than we make, I did it for several years myself. Bankruptcy gives us a chance to reflect and see where we've gone wrong.

One thing that has really helped me is after I filed Bankruptcy my church offered Dave Ramsey's Financial Peace University class which I took. It taught me how to budget.

Now it is possible that because of your work you need a card for travel expenses that they reimburse you for. It is likely you'll lose all your current cards but once you have finished and been discharged you might be able to get a low balance card generally at a high APR and with a yearly fee. If this is your situation it might be time to be honest with your employer and see if they can get you a business card for you to use if you need a higher balance card.

[turtle59]

authorized user, yes

lrprn......... The credit card is her first card and she is an autorized user for my business account.

I am an residential appraiser and have lost alot of business. I am now delivering pizzas part time 4 hours a night and she has had to work as a bus-person at a local resteraunt. We have reduced spending and savings is almost gone. I am going to loose an investment property.

keeping a credit card for emergency or for needed travel due to my family is on the east coast, I'm on the west coast and my wifes family is in South Asia. If my car breaks down and I need a rental.

[JRScott]

Time to establish an emergency fund. I've had one since my bankruptcy. Ideally you'll want 1000 dollars in it initially and then in time 3-6 months of expensive. However it is best you don't start it until after you've filed.

Since establishing mine I've had to pay for new brake lines in my car, new fuel lines on the car and an overinflated heating oil delivery due to the economy. Having it though gives me some peace of mind .

Like I said above about the only credit card you'll get after your bankruptcy is a high APR with a fee for about the first few months to a year.

Also keep in mind you can't apply for a new card until after you are discharged. You are not allowed to take on new debt during the bankruptcy process without the trustee's permission, thus the necessity to wait until you are discharged.

[MaxedOut]

My advice (which isn't much) but from experience get rid of the all the cards have a savings for an emergency. The feeling of freedom from living on cash and not depending on credit is wonderful.

Just my 2 cents