Can I Keep a Credit Card after I've Filed Bankruptcy?
Contributed by Melanie Vannuys
Can I Keep A Credit Card After I've Filed Bankruptcy?
If you have a credit card with a balance at the time you file bankruptcy, you must list it as a debt according to the law. All of the debts you list are filed under the penalty of perjury and if you're caught could lead to a denial of discharge of your bankruptcy - meaning you can't file. If you don't have a balance, however, it is not necessary to list the card.
Most credit card companies will allow you to keep your credit card if you agree to reaffirm the debt. In other words, if you agree to pay off the balance.
If you decide to do away with all of your debts, don't worry. There are many myths involved with bankruptcy - not being able to get credit after you file is one of them. Many consumers who have filed bankruptcy are often solicited for new credit cards even before their bankruptcy is discharged.
Can I Get A New Credit Card After Filing Bankruptcy?
With the rivalry among banks today, credit is absolutely available after filing bankruptcy. It may cost you a little more than before the bankruptcy, but it's still there if you want it. You may have to settle for secured credit cards, prepaid credit cards or unsecured cards with much lower limits, but the fact remains you will qualify for some sort of a credit card.
Probably the biggest reason the recently bankrupt are granted credit again so quickly is because they are no longer seen as a credit risk. Once you file bankruptcy, you can not file again for six years.
