What would happen

[ansky0007]

We were charging $180k per month on Amex and paying in full with the next months profits. We always knew we were going to be in big trouble if we had a bad month that couldn't cover the previous. Well, it happened when the gas prices went sky high this past summer and the economy was sinking.
We just stopped paying them altogether and they have barely even called.

We are actually using just about 25k in credit lines right now and just paying them every other day. It's a hassle, especially with CitiBank who only allows four payments per month!
Eventually we are expecting action from Amex but for now we just try to use our credit strategically while we still have it.
Does anyone know if it's possible to reaffirm an account that is current. I have at least $75k in available cards carrying zero balances.

WOW.. Are you sure you are not me? I just stopped paying my Amex 3 weeks ago and I owe them $190k, What made my condition worse was that when I was short the past few months I started selling things at cost or slightly below cost to raise money to pay the bill in full. This over time made my $30k a month bill go from $30k to where it last was at $190k over 4 years.

Finally as I knew it would happen I finally missed a payment and they cut me off. What a wake up call for me and my business. I have since started raising prices and stopped selling anything that I did not make profit on. Overall we are much slower selling much less but we are much more profitable now.

My lawyer is not really concerned because we can show all the details of every sale to show it was resold and money went back to our creditors. We have no hidden money and every penny is accounted for. We are just waiting 90 days from my last Amex payment to file. My credit store is still in the 700's and we have around $40k in unsecured lines not used but we owe a total of $330k in unsecured credit cards. Lawyer said to start using debit card since I would not be left with any CC accounts after BK even those with a zero balance so I would guess you would be in the same situation and they will all get closed unless you are extremely lucky and they miss noticing one. In any case most creditors pull reports on their customers and even if missed and they run a report they will probably cancel it when they see the BK.

The only good thing about using Amex was the rewards were good.. Last year alone we pulled around $20k in rewards. I will definately miss that. Once I missed the last payment my rewards were frozen and they would not unfreeze them unless I made the payment.

[paintinrosesred]

I think all cards are usually closed once you file BK (regardless of the balance).

[debtmonster]

I think all cards are usually closed once you file BK (regardless of the balance).

Seriously?

No wonder it's a good idea to include them in the BK. No incentive to keep paying them.