credit B4 Bk

[j2dat28]

I have 2 small credit cards. Would it be wise to pay off these balances before i file in a couple of months. They are only $200-$300 each. I also have a paypal line of credit I would like to keep open. Should i pay on that?
Is it ok to use these accounts for small transactions if you pay them off before you file?

[ansky0007]

99.9% of the time even if you have a zero balance and dont put them in your bankruptcy they will gets closed anyway.

[relief13035]

I had several cards with ZERO balances for over a year and the creditors closed all of them. Don't waste your money paying them off - I agree with ansky0007 - 99.9% chance they will be closed regardless of the balance.

[StartingOver08]

99.9% of the time even if you have a zero balance and dont put them in your bankruptcy they will gets closed anyway.

Ansky0007 is right, but I have been thinking about this and it seems to me if you paid off the small balances before you filed AND you closed the accounts (so they read, "closed by consumer")...is it possible that you might be able to open the accounts later because they were not burned in the BK?

I think this might be especially true on the zero balance cards.
Not sure this would help, maybe someone else here knows.

[Flamingo]

Ansky0007 is right, but I have been thinking about this and it seems to me if you paid off the small balances before you filed AND you closed the accounts (so they read, "closed by consumer")...is it possible that you might be able to open the accounts later because they were not burned in the BK?

I think this might be especially true on the zero balance cards.
Not sure this would help, maybe someone else here knows.

That's a good point but if they are closed out he would have to reapply to the creditor who would pull credit reports and then he would have BK showing on his credit reports so the likelihood of that possibly working may be low, plus the timing of the closing would be there so close to the filing which could raise some red flags if he attempts to reapply after filing. His chances of them surviving the BK are greater than if he closed them out ahead of time but nothing is guaranteed when it comes to any credit card and a BK on ones records as we all eventually find out...

[StartingOver08]

I know what you mean Flamingo - if I had thought of it earlier I would have closed all of my zero balance cards a year before filing. Of course I did not know I was going to file, but....LOL Live and learn.

[krielly]

When I filed I only owed Kohl's a balance of $11.00

Needless to say, they didn't bother filing a proof of claim, so didn't get their money. We filed 13.

I really kicked myself for a LONG LONG time about that, but I'm done kicking.

No worries. You probably shouldn't be worrying about having any credit cards right now anyhow, and by the time you really are ready, you will more than likely be able to find another one.

Sending the money to them at this point (if you are definitely filing) is like throwing it away.

Good luck to you!
K

[2live]

As for me I'm so sick of credit cards that of the 15 I have balances on and the 5 that have none (including walmart), I have no desire to use credit ever again and tyring to teach my daughter to pay with cash only. I do think it's smart to get a card with a decent credit limit for emergencies though.

For the op, don't pay those off use the money for what you need. I will be filing in march or april but now could kick myself for paying on over $1000.00 per month on my unsecured debt....for over 5 months! Now in the situation I'm in I wish I had not been so "loyal" to my creditors as now I NEED that money! My mortage and car payments are all I'm keeping up now.