Credit cards and bankruptcy?
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rafaellle
Apprentice
Joined: 02 Jan 2005
Posts: 3
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 Posted: 12/17/07 - 08:38 Post subject: |
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| I have very big problem. I have been in debts for a while now. I thought I could get out of it but I am stacked in debt cycle. I have loaned money to cover up some debts but now I am in bigger trouble. My friends advise me to fill up bankruptcy but I am worried that I will never again get some credit. What is the deal with credit cards and bankruptcy? |
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christos
Apprentice
Joined: 18 Apr 2007
Posts: 2
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| Posted: 01/16/08 - 04:18 Post subject: |
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| Many people think that they never gonna have a credit card again if they file bankruptcy or that they will have to wait for 10 years to do that but it is not true. If you have a debt on your credit card you must list your card as a debt when you file for bankruptcy but if your balance is positive you can keep it. There are other ways for banks to discover your bankruptcy even if you don’t report it to them and there is possibility that they will cancel your card as a precaution. But most bank will allow you to keep it if you agree to reaffirm the balance. |
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