Regular Contributor
Posts: 204
Registered: ‎08-29-2007
Re: Bk question

As it is always stated, speak with a BK attorney first and foremost because the rules vary from state-to-state. Now that I have gotten that out of the way, you would be best served to stop paying if you are truly going to file. The attorney will probably advise you to do the same because you don't want to seem as if you are showing favoritism to one creditor over another. Plus, you can use the money to pay for the attorney because in CH7 you have to pay upfront. The attorney cannot be another creditor that you still owe money to.


Your open accounts will have to be listed as creditors when you file and most likely the creditors will close your account. We had a Macy's card that we had not used in years with a $0 Balance but Macy's is reporting IIB. Your lates will not show as long as the account is showing as IIB. That is why once you file you need to start going to work in repairing your credit. Your score will probably take hit, only because you do not have any late payments but you will be able to overcome the initial hit in less than 2 years.  Most people who file have late payments and actually see a score increase once they file.

Starting Score: TU 477 EQ 533 BK 1/27/2012
Current Score: EX 702 TU 681 EQ 652 1/10/2014
Goal Score: 700

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