deefined asked:
Considering going bankrupt but I want to keep the cards that are still in good standing so that I can start building my credit back up? Do I have to close all of them?
Considering going bankrupt but I want to keep the cards that are still in good standing so that I can start building my credit back up? Do I have to close all of them?
Any other info from experience w/ this situation?
There are 2 different kinds of bankruptcy – chapter 7 and chapter 13. Chapter 13 allows you to keep certain loans such as car and home – but it’s harder to qualify for.
Declaring bankruptcy is not as easy as it used to be.
LOL, you’re so worried about keeping them open? NO WONDER YOURE GOING BANKRUPT!
Learn some self-control! Close those revolving accounts, OBVIOUSLY you can’t afford them! HAHAHA!
Any thing that you don’t want to include you don’t include in your filing.
In chapter 7 you must include every account you have when you file, but you can reaffirm on any accounts you want to keep by simply signing a reaffirmation agreement.
If you go this route be sure and call every lender that you reaffirm with and make sure that they continue to report to the bureaus.
Once you file bankruptcy your creditors automatically stop reporting to the credit bureaus even if you reaffirm with them, so be sure and call.
This is the only way that keeping existing accounts will help you re-establish your credit.