Will I be allowed to keep my credit cards if I file bankruptcy?
Full Question:
Answer:
Federal Bankruptcy Law requires you to list all of your creditors, not just the creditors whose debt you would like to discharge. Some creditors may allow you to keep their credit cards and continue paying on the debts, but it depends on the creditor after the creditor has been notified of the bankruptcy.;It also depends on what your credit card balance is at the time of the bankruptcy, what the company issuing the credit card is willing to do, and how well you convince them you can, and will, pay present and future credit card debt.
If you want to hang on to some credit cards, you can try during the bankruptcy proceeding to negotiate what is known as "re-affirming the debt" with the credit card holder, meaning you convince them you'll pay back what you owe. Keep in mind however, that often it is credit card debt which caused a debtor to choose bankruptcy in the first place.
The debtor should attempt to reform habits such as poor use of credit cards, rather than continuing to make the same mistakes. Bankruptcy is designed to provide the debtor with a fresh start. Thus, the debtor should make the most of that opportunity, rather than repeating the same patterns which brought them to this point in the first place.
