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Established Member
Posts: 10
Registered: ‎04-10-2017
0 Kudos

PreBK Plan

[ Edited ]

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.


Regular Contributor
Posts: 237
Registered: ‎12-07-2016
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Re: PreBK Plan

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.

BK 7 Scores (12/2016): EQ-528. TU-486. EX-530.
Current Scores (9/2017): EQ-665. TU-661. EX-669.
Goal for 2017: 650's. - made it!! next stop 680's.
Established Contributor
Posts: 645
Registered: ‎06-04-2015
0 Kudos

Re: PreBK Plan

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.

Ch 7 Discharge May 2015: EQ 588/TU 552/EX 570
Sept 2017: EQ 679/TU 660/EX 668 w/ 24% CC util reporting
Discover/Target/NFCU CLOC/NFCU Cash Rewards/PenFed Power Cash Rewards - $46k total revolving
Established Member
Posts: 10
Registered: ‎04-10-2017
0 Kudos

Re: PreBK Plan

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.

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