PreBK Plan

[Anonymous]

I plan to file for Chapter 7 in June after a "cooling off period". My attorney has already reviewed my paperwork and I qualify.

Please review the following plan and rationale. I'm looking for feedback. Does this sound like a good plan?

{1} close all accounts with a zero balance so that they aren't IIB. (Best Buy, Discover secured, Comenity store cards)

{2} open savings account with PenFed and Alliant to start building a relationship.

{3} Continue paying the minimum on Cap One QS to lessen blow when they are burned. {Edited to add: I closed the account last month to kick off my one year wait period}

FYI- I'm burning NFCU, Cap One, AMEX, Citi, Chase and Synchrony.


Thanks!

[enjoimorenow]

FWIW CapOne seems to be pretty forgiving but will make you wait for 1 year after CO to open a new account, so if the account could be charged off before your BK is discharged, then I would maybe just let them charge it off to get that 1 year clock started sooner.

[Anonymous]

Sometimes CapOne lets you back in right away . . sometimes they make you wait. Doesn't seem to be much rhyme or reason.

I personally would put those minimum payments in savings instead.

[Anonymous]

I closed the Cap One account last month even though I'm continuing to pay off the balance.  Hopefully that starts my one-year waiting period.