All Creditors Must be Listed

Aurora Illinois Bankruptcy Lawyers & Attorneys

Jesse Barrientes: Dave, let's say I'm really fond of this credit card I have, and�

David Siegel: Which one?

Jesse Barrientes: I had it since � let's say Discover, or Visa, or either one of those. Let's say I've had it since I was � I was going to say high school � since I was in college, and I've had it all this time. I really, really don't want to include it on my bankruptcy.

David Siegel: Right. Maybe it's the first card you were ever offered. You had an affinity to it, and a loyalty to it. Here's what I would tell you. If you have a debt on that card, even if it's $20.00, it must be listed on your bankruptcy schedules. You're going to lose that card. If you don't have a balance on it, if it's at a zero, then technically you don't have to list it because it's not a debt. However, be aware that most creditors subscribe to a service that notifies them of bankruptcy filings, and you're most likely going to get terminated anyway. You might as well list it, and don't plan on keeping a credit card beyond the bankruptcy filing.

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See Also:

Chapter 7

What is Chapter 7?

Chapter 7 income guidelines

Chapter 7 and secured debts

Chapter 7 and unsecured debts

Misconceptions about Chapter 7

Chapter 7 car exemptions

Chapter 7 house exemptions

Life after Chapter 7 bankruptcy

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