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Can You Hold Onto Credit Cards When Filing for Chapter 7?

If you are filing for Chapter 7, you may be wondering if it is possible to keep one credit card for later use?

However, you should know that this is not possible.  If you have a credit card that you owe money on then you must list the card as debt. Since the schedules are filed under penalty of perjury, your case could lead to a denial of discharge of all your debts. Not only will this cancel your bankruptcy plan but it is also considered a federal crime.

If you don't owe money on the credit card in question then you don't have to give notice to your credit card company. But be forewarned that they could learn about your bankruptcy in other ways and cancel your card as a precaution for themselves. One company that is notorious for taking this route is American Express.

On a more positive note, many credit card companies will let keep the credit card for use once the bankruptcy has been completed. However, you must agree to reaffirm the balance on the card and sign a new agreement after the bankruptcy filing. Since the decision is up to the creditor, and most creditors do want your business, they are more likely to work within your new circumstances.

In fact, many people who enter bankruptcy often get flooded with requests for credit cards.

Have questions about filing for Chapter 7?  Contact our law office to speak with a Chicago bankruptcy lawyer.

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The information on this website is for general information purposes only. Nothing on should be taken as legal advice for any individual case or situation.

Main Office: 123 W. Madison Street, Suite 205 Chicago, IL 60602
Phone Number: (312) 427-3100