CAN I KEEP MY CARDS AFTER I FILE FOR BANKRUPTCY?

Wondering if you can keep your credit cards after bankruptcy? If you have an outstanding balance on a credit card and that debt is included in your bankruptcy, the debt will be wiped out and the creditor will close that card. However, you may be able to get new credit.

Whether you can keep your credit cards after filing for bankruptcy is a good question that comes up very often. Generally, if you have a balance with a creditor or a credit card, and you put them into bankruptcy, the balance will be wiped out by the bankruptcy and the creditor will close the card.

If you have a zero balance with a credit card, you don’t have to put it into bankruptcy because you don’t owe any money. You can keep using that card, but if eventually that creditor finds out you filed for bankruptcy (a lot of credit card companies look at credit every 6 months to 1 year), they might close your card even if you’re not in default because you are in a different credit risk category.

The underlying question is will you be able to get a new credit card? Will you be able to have credit? A lot of people need and want to have access to credit because it is such a big part of our lives. The answer is absolutely yes.

Whether you get another credit card or another secured credit card after you’ve filed for bankruptcy, the answer is absolutely yes. There are lots of lenders who will do business with you after you’ve filed and you will have another credit card. So even though you might not be able to keep all the credit cards during the bankruptcy filing, you will certainly get new credit cards after you filed for bankruptcy and they will help you reestablish your credit.

Don’t settle with guesswork when it comes to your financial future.
Contact Leonard V. Sominsky, ESQ., PC today and speak with a skilled bankruptcy attorney in Phoenix!