Credit card question for chapter 7 filers.

[tobee43]

Tobee, it sounds like you're talking a about your credit report as being the "snapshot". When Laurie mentioned snapshot, she was referring to the BK petition.

when they fill out an electronic bk....it's a snapshot of your credit report....that's how it's done nowadays....so actually they are close to the same...less corrections of all the misinformation the credit report gives.

some atty's office are not on updated systems...but is all done automatically now....via the credit info being transferred onto the petition itself.

[tobee43]

I think both Laurie and Tobee are correct. Banks will close down credit cards after you file, even if you do not include them in your filing because the card is 0 balance. Most banks due periodic account reviews and check your credit reports to see if there is any risky behavior they should be aware of, and when they see the bk filing, they will close the account. Tobee is right in saying that credit reports contain incorrect information most of the time.

If the OP's intent was to try to keep some cards out of bankruptcy, I would have to agree with Laurie that this most likely will not happen. The vast majority of creditors will close when they see a bk on the credit report.

i venture to say in our case as i have previously stated we had more cc's with zero balances that were not listed on the bk....and they were closed in a ny minute after our bk was discharged...although we had never ever been late for 40 years.

so, prehaps i missed laurie's point a bit...but that's correct...it's not likely.

[IBroke]

while ibroke was only required 3 months of bank statements, someone i know in the exact same district was required 6 months!! go figure....and it's confusing.

Totally confusing indeed.

I have to add though that my attorney told me to send him 3 months - if the trustee is going to be satisfied with that is a different story.

[backtoschool]

How many bank statements you need to give to the trustee depends on the trustee and whether the US trustee gets involved in your case. My trustee asked for a year of bank statements.

[tobee43]

How many bank statements you need to give to the trustee depends on the trustee and whether the US trustee gets involved in your case. My trustee asked for a year of bank statements.

that's how different EVERY case is....this is the perfect example.

also we supplied 3 NOT 2 years of 1040's. i have even heard of trustees asking for more bank statements at the time of the 341....so i came prepared...although my atty said it would be fine, he insisted that i already made the firm submit "overkill" with my documents.....LOL.... i didn't want to take a chance.

[Fallonedward]

I'm filing with an attorney, there is no way I could do this on my own

to is correct to say every district is different and in ever district every trustee is different.

while ibroke was only required 3 months of bank statements, someone i know in the exact same district was required 6 months!! go figure....and it's confusing.

you didn't say whether you are going pro se or not. however, unless your really up in the district and COUNTRY...by the way in florida is also changes county to county......it's best to seek an atty's advise to make certain all your little ducks are in a roll.

[keptdigging]

My secured CC (which had zero balance on filing date and yes I listed the security deposit as an asset and exempted it) is till open 6 weeks after filing and almost 2 weeks after my 341. Their agreement says they can cancel it in bankruptcy but so far they haven't. Who knows what'll happen, but I decided to use about half the line since I'm sure they'll take their sweet time refunding the deposit if they cancel it.

[tobee43]

I'm filing with an attorney, there is no way I could do this on my own

good choice fallon...i was even in the field but would never go it alone.

[IBroke]

My secured CC (which had zero balance on filing date and yes I listed the security deposit as an asset and exempted it) is till open 6 weeks after filing and almost 2 weeks after my 341. Their agreement says they can cancel it in bankruptcy but so far they haven't. Who knows what'll happen, but I decided to use about half the line since I'm sure they'll take their sweet time refunding the deposit if they cancel it.

One of the two cards I brought to $0 prior to filing is secured as well. It will be very interesting how they react to my filing.