Why list all credit?

[broderp]

Whats the point of listing all CC debt for bankruptcy? More explicidly CC that have a ZERO (0) balance?

I have over 20 CC, HALF are PAID OFF. With the rising rates, minimum payments I find myself robbing from peter to pay paul, and it's gotten to the point I am 28K in debt with about half of my cards. If BK requires me to list all debt or Creditors, do I need to list those with a zero balance?

If so, what is the purpose? Seem like they just want the CC company to know your filing BK so they can see what a risk you are and take away your only good credit cards?

It's not a law to HAVE credit after a BK is it? Why not kick start it with a car loan and saving the house along with a few CC??

My girlfriend saved her JC Penny card (forgot to list it last year) and she still uses it today. (Along with getting her a "newer" car before filing.) Her BK was just fine.

[Minnymouth]

Because law requires you to list all creditors on your petition you file.........

If you start out trying to beat the system,,,,,,,, it will bite you in the A**....

[Minnymouth]

Many do not list creditors that they owe no debt too, but most creditors will still cut off your credit when they check with the credit bureau the next time they update their records.....

Credit card companies check this periodically..... even those with no balance owed.....

[krobin02]

If you have a zero balance on the date you file you are not obligated to list them.

[anonymuse]

If so, what is the purpose? Seem like they just want the CC company to know your filing BK so they can see what a risk you are and take away your only good credit cards?

It's not a law to HAVE credit after a BK is it? Why not kick start it with a car loan and saving the house along with a few CC??

It's protection for the credit card company. Plus, it is the law during a Ch 13, you're not allowed to take on more loans without trustees consent.

Don't worry--my credit scores keep dropping and dropping and the more they drop, the more pre-approved credit cards I get. Some cc companies really like us post-BK since we can't file again for a long time.