If I pay off a Credit Card, can I keep it after Filing Bankruptcy?
Many people feel that they should or need to pay a particular credit card off prior to filing for bankruptcy, whether it is a Chapter 7 bankruptcy or a Chapter 13 bankruptcy. People feel that they should pay off their lowest credit card in order to keep it. In doing so they feel that they will be able to keep the card and still be able to use it even after their Chapter 7 or >Chapter 13 bankruptcy has been filed.
I have some disappointing news for you. Even though you pay the credit card off and it will not be listed in the bankruptcy to be discharged, creditors will run your credit periodically without you knowing and many cards that are in your wallet go through the same bank to issue the credit. When you go to use your card the next time, you will be surprised to find that you can’t use it. You then wonder how this could be. You even talked to the credit card customer service prior to filing and they told you that you wouldn’t have any problems, they will keep your credit card open and you can still use it. This, I believe, is a tactic that they have so they can get your money. When you file for bankruptcy, chapter 7 or chapter 13, they will not see one cent, so they will tell you, go ahead and pay it, it will be there opened and ready for your use. Now they have all of your money and now you don’t have any credit, because they cut you off. Listen to your bankruptcy attorney when he tells you that it is not a 100% guarantee that they will keep the card and the creditor continue giving you credit privileges, it wouldn’t be the first time that they have lied to someone about this and it will not be the last.
For further research you may visit the following site related to bankruptcy:
Dallas Bankruptcy
Yonkers Bankruptcy
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