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A lot of bankruptcy filers are questioning regardless of whether they are entitled to preserve 1 or a number of credit cards for emergencies backup. In general, you could not since your credit cards will be cancelled regardless, considering that you file the bankruptcy. I discovered click by browsing books in the library. The credit card issuers tend to punish their card holders for filling any type of bankruptcy in most cases, the credit cards of bankruptcy filers will be terminated as soon as they file for a bankruptcy. But there are some exemptions where terms and circumstances will be applied to allow the bankruptcy filers to continue holding their credit cards. There are some exceptions applicable only to chapter 7 bankruptcy filers. Some credit cards issuers will enable you to keep your credit card but with a sized down credit limit, and in return you want to repay them for some of your debts. Be taught more on link by browsing our disturbing web page. In reality, some organizations will automatically send you or your lawyer a proposed reaffirmation agreement, a contract in between you and your creditor that you will spend all or a portion of the income owed, despite the bankruptcy filing, in exchange for a minimal amount of new credit. Beside the sized down credit limit, a chapter 7 bankruptcy filers may let to preserve their credit cards by some of their card issuers but the interest rate will be revised to a higher than the regular interest rate. But, if you can usually spend your credit balance in total every single month, you will never ever incur a finance charge, and the high interest rate wont hurt you. Other than chapter 7 bankruptcy filers, all credit cards should be given up at the filling of bankruptcy. However, there are credit card holders who have maintained their credit cards at zero balance for a lengthy period of time do not report their credit cards for the duration of the filing. This action can be viewed as illegal given that in impact your preference on 1 creditor your credit card issuer more than other creditors, since repayment ordination is a trustee job. If you are not eligible to file beneath chapter 7 or even you are filling beneath chapter 7 but you did not manage to get approval from your credit card issuers to keep your credit cards, the best factor is report all your credit cards and give them up. Get extra info about go here for more info by visiting our unique use with. To learn more, we recommend people have a peep at: open site in new window. In most situations, your require to wait till the bankruptcy filing has cleared and then perform with a debt management consultant to rebuilt your credit step by step. Of program, in the months and years after the bankruptcy filling, you may possibly not be eligible for top-tier or even middle-tier credit cards. But with some efforts and fiscal strategy such pay your month-to-month credit balance in total and on schedule will assist you to rebuilt your good credit record and you can commence to erase the stigma of the bankruptcy and ultimately put you back in the realm of very good to high credit score. In Summary In most instances, bankruptcy filers want to give up their credit cards. But, there are exceptions for bankruptcy filers in chapter 7, the debtors who file their bankruptcy under chapter 7 may allow to keep their credit cards with some terms and circumstances..Westgate Law 11766 Wilshire Blvd. #1170 Los Angeles, CA 90025 800 891-1995