Keeping My Credit Cards through Bankruptcy

Presented by Attorneys.ORG – The Trusted Resource for Legal HelpBusiness Information:Name: Attorneys.ORGThe trusted legal directory to help you find the right bankruptcy attorney near you.Website: https://www.attorneys.org/bankruptcyPODCAST:Keeping My Credit Cards through BankruptcyWhen considering bankruptcy, we each seek to clean up our past as well as plan for our future. Because credit card use is so engrained in our way of life the United States, wondering whether you can keep your credit card through bankruptcy is a common concern.After all, we use credit cards not only out of habit, but as a "necessity" to purchase tickets, book hotel rooms, make online purchases, rent a DVD at Redbox, rent cars, and pay for emergencies.And, even for those who are going through bankruptcy and have decided to forgo credit cards because of their many perils, having one locked away "just in case" does provide a sense of security.Usually You CANNOT Keep a Credit Card Through BankruptcyYou'll get the opportunity (and have the need) to start fresh after your bankruptcy discharge.All creditors, including credit card companies, with any balance due will be notified immediately when the court accepts your bankruptcy petition.Usually, the creditor will close your credit card account.Even if a creditor is not listed on your bankruptcy petition (because you have a zero balance), most credit card companies review customer creditor reports on a regular basis. When the bankruptcy is noted, your account will likely be closed.  WARNING: The court and bankruptcy trustees investigate if one creditor has been favored over another so be sure to consult with a qualified bankruptcy trustee before paying off a creditor so you have a chance at keeping that card.Occasionally You Can Keep a Credit Card Through BankruptcyOnce in a blue moon, you can keep a credit card at the discretion of that particular creditor.However, most bankruptcy attorneys advise that you'll likely have more luck by focusing on building new credit.Is Having a Credit Card a Good Idea?Although most bankruptcies are caused by medical bills, job loss, and the housing crisis, many are caused by overspending and credit card company shenanigans.It's so easy to overspend and get in financial trouble when predatory credit card companies continuously raise credit limits; then, suddenly skyrocket interest rates and tack on ridiculous fees.We've observed interest rates go from something like 8.9% up to 32.99% overnight because of a supposedly late payment.More and more credit card companies are being heavily fined for cheating customers by claiming payments were late when they weren't or claiming payments were never received when they were. Credit card company employees have come forth and disclosed that they shredded checks or held checks so they'd be late.Bottom Line: Credit card companies cannot be trusted. If you choose to have a credit card after bankruptcy, be sure you can pay off anything you charge within that first month and either pay online or mail your check extra early to avoid the credit card company falsely claiming you were late.Bankruptcy law can be tough - but finding the right attorney shouldn’t be. Visit Attorneys.ORG today to start your search.