Just an FYI - no ride-through's on credit cards

[debtmonster]

But...you're bankrupt.

Not yet. The just hasn't said I was. I've only "filed" for bankrupty. I'm not granted bankruptcy until past the 60 days.

[dingdong]

Sorry DM, BK has it's good sides and down sides. The bonus is you will never have to pay those damn monthly payments again!

This month may be hard, but next month, woo hoo, no cc payments.

Hopefully you can sock away what you were paying on those cards and build a little nest egg.

I cleaned out the garage when I moved and went to the swap meet twice ( well my daughter did, I let her keep half)

WE made over 700.00! Just on junk, old clothes, crapola. Now I have no more crap and am lovin' it!

Is there a swap meet near you?

[bkmaggster]

Because I did not default on them.

But...you're bankrupt. By definition you have now defaulted on all of your debts. I just never thought for a second that I would be able to keep a card. My brain can't wrap around thinking otherwise. Secured debt, maybe, but unsecured?

Why would a creditor let you do that? It isn't fair for you to pick and choose which debts to pay, is it?

[debtmonster]

someone left the cake out in the rain

Yep! And you know what soggy cake tastes like. Talk about YUCK! Ewwwwww!

[debtmonster]

Also, debtmonster, why in the world did you think you would be able to "ride-through" on your credit cards?

Because I did not default on them.

[flnybk]

What does it mean if a card is inactive? I have not used a card in years. DO I need to close that account? Also, just to let you know my credit report says "included in bankruptcy/never been late."

oops sorry. Thought I was posting this somewhere else. That is what happens with 4 hrs of sleep.

[bkmaggster]

someone left the cake out in the rain

I don't think that I can take it
'Cause it took so long to bake it
And I'll never have that recipe again
Oh, no!

Wait, what?

Also, debtmonster, why in the world did you think you would be able to "ride-through" on your credit cards?

[landofpoor]

someone left the cake out in the rain

[flnybk]

What does it mean if a card is inactive? I have not used a card in years. DO I need to close that account? Also, just to let you know my credit report says "included in bankruptcy/never been late."

[HHM]

But that sucks!!!! Then you have ZERO CREDIT! I was hoping to just keep the couple cards we have an use them for small emergencies. Now when my checking account runs completely dry, then we can't even put gas in the car. My checking account is now currently in the low double-digits and I don't get paid until August 17th. I have no way to make it until then on the amount in the bank. We have to put gas in the cars every few days and will need money to buy food. These are total necessities. It will be several months until I can start having a buffer once I get accustomed to not paying creditors for the next few months. In the mean time, my previous income was all used for car payments and paying my attorney fees.

That is why "planning" is such a big part of filng BK. Realistically, you should not file BK unless you can meet your basic expenses.

[debtmonster]

Another FYI:

I used the Shell card to put gas in our cars a few days after filing BK.

[debtmonster]

But that sucks!!!! Then you have ZERO CREDIT! I was hoping to just keep the couple cards we have an use them for small emergencies. Now when my checking account runs completely dry, then we can't even put gas in the car. My checking account is now currently in the low double-digits and I don't get paid until August 17th. I have no way to make it until then on the amount in the bank. We have to put gas in the cars every few days and will need money to buy food. These are total necessities. It will be several months until I can start having a buffer once I get accustomed to not paying creditors for the next few months. In the mean time, my previous income was all used for car payments and paying my attorney fees.

[HHM]

What exactly is the point here..

First, you cannot pick and choose who to list on your BK petition. If you owe a card money, they go on, the debt is discharged, and odds are, the account will be closed.

As for zero balance cards, banks are simply closing them when they find out about the BK (they audit your credit report monthly, so that is how they find out). Some cards can survive and a few years ago, some cards did survive if the balance was zero going into BK, but in todays tight credit climate, cards are not surviving.

But, it is good info to know that within 2 weeks of filing, you can expect all your credit cards to be offline.

[bf2bf]

If the creditor is included in the BK list then they will definitely close all their accounts with you even if never late.

What about CCs with ZERO balance and if they're not included in BK, will they still close the account? My guess is yes.


.

[debtmonster]

As of today, we are 100% CREDIT-LESS.

We just received notice in the mail that Bank of America has officially shut our Visa credit card off (even though we've never been late.)

I went to check the balance on my Shell gas card and that card, too, was shut off, which was also never paid late in over 20 years. When I spoke with the operator of the Shell card and told them that I still wanted to keep paying on it, they informed me that the account was closed because they received the notice from the court of us filing Chapter 7. They said by law that they are not permitted to ever send another invoice out once they receive the bankruptcy notifications.

We were hoping that because we were current on the cards that we could do like a "ride-through" and continue to use them like some people try with their cars.

NOPE! Not happening.

So for your noobies out there who are new to the BKForums... keep that in mind.

Look at the filing date in my signature. This is now almost 10 days later and all credit cards are completely shut off. Virtually everybody included in our list of almost 70 creditors and/or collection agencies should have received the bankruptcy notice from the court by now.

In 18 more days we get to go to the 341 meeting. That was quick! The attorney we have now didn't play around. Everything was processed electronically from there office right to the bankruptcy court. They didn't need to physically go to the court house and meet with a clerk and file anything by paper. It was all done right over the Internet from their office. The paralegal at the office informed me that they have been doing this now for over a year. I am glad I switched lawyers. The one I had before was all OLD SCHOOL and told me that it would have taken her almost 2 months before she ever got time to file for me. I am glad I got most of my money back and switched attorneys.

To all of you who read my earlier posts last year and hounded me to file... you all should be sitting back with an evil smirk. You got your wish!

I can't wait to join the 60 day club with you guys! When can we all meet some place and have a party?

I should register bankruptcyparty.com and make it so people can post public places to celebrate their bankruptcies. What do you guys think about that idea? Then we could all have a big table and everyone could make a toast to the people who were discharged and and can have a fresh new start with their lives. I am looking forward to this! For the first time in 20 years I will be 100% DEBT-FREE (pending discharge.) Don't want to count my chickens before they hatch.