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I might have to file bk because of a foreclosure deficiency and if a judgment is filed against me and I have to file bk 7, do I have to include all of my credit cards in the bk?
I have no credit card debt.
I realize that the cards will probably be closed anyway because of the BK hitting my credit reports, but I hate to destroy those relationships as well.
Every creditor that you have an open account with will be notified and they close them at their discretion. I filed 1-13-14 and by yesterday both of the cards that I had in good standing with no balance were closed by the CC companies.
I was told by Cap One and Wells Fargo that their credit agreement required debtors to notfiy them when a financial event like bk occurs ... even though the bankruptcy laws may aloow for account with zero balance to be ommitted from the schedule of debtors. Technically, an open line of credit, even with a zero current balance, is still a creditor who may have the right to be informed.
Yes, you have to list all debt.
However, one of the ways around it is this: If you have a zero balance account, you are allowed to close the account yourself prior to filing. You should probably close the zero balance accounts 60 to 90 days prior to filing BK. This will help you later after you receive a successful discharge open up another tradeline with that cc co more quickly because they will see that you had an account, paid on time, and closed it before you ever filed BK. Your recovery will be achieved more quickly because the accounts that are "closed by consumer" will not have the iib tag that the open accounts will have once you are discharged.
If the account is open when you file, they will be automatically notified by the BK court that you have filed BK and they will list that account as "iib" on your credit report.
EDIT: do not close your accounts if you don't plan to file