topic BK and who to reaffirm in Bankruptcy

BK and who to reaffirm

Anonymous — Mon, 18 Sep 2017 19:40:31 GMT

I am going to have to declare due to the failure of a business. I have tried my hardest but just have not been able to make it work. That being said, I have approximately $45k in cc debt. I would like to reaffirm a few if they will keep my lines open and that will have a positive impact on my credit score going forward. As of now, I have no lates, but am at 98% utilization. I was pondering on keeping Macys, Valero, Citi, Discover and NFCU. That would be less than $10k total and those are all independents. I assume that if I were to reaffirm one comenity or synchrony they would close it anyway due to burning others. Does anyone have experience with the ones that I mentioned above? Can I expect them to keep my lines open? If not, I see no point in reaffirming. Thanks for any help!!

Re: BK and who to reaffirm

Anonymous — Tue, 19 Sep 2017 13:31:55 GMT

@Anonymous wrote:
I am going to have to declare due to the failure of a business. I have tried my hardest but just have not been able to make it work. That being said, I have approximately $45k in cc debt. I would like to reaffirm a few if they will keep my lines open and that will have a positive impact on my credit score going forward. As of now, I have no lates, but am at 98% utilization. I was pondering on keeping Macys, Valero, Citi, Discover and NFCU. That would be less than $10k total and those are all independents. I assume that if I were to reaffirm one comenity or synchrony they would close it anyway due to burning others. Does anyone have experience with the ones that I mentioned above? Can I expect them to keep my lines open? If not, I see no point in reaffirming. Thanks for any help!!

I don't think reaffirming credit cards is a thing. (Or at least I've never seen it mentioned here.)

Even if it were, why on earth would you put yourself back on the hook for $10k of debt? This is your fresh start. Use it. There are other banks to do business with when the time comes. Put that $10k in your savings account.

Re: BK and who to reaffirm

Anonymous — Tue, 19 Sep 2017 16:45:08 GMT

Can you reaffirm unsecured debt? My atty told me I can't pick and choose creditors. The trustees won't allow it. I was told you can only reaffirm debt that is secured... primary residence home and vehicle for transportation. Is this correct?

Re: BK and who to reaffirm

Anonymous — Tue, 19 Sep 2017 19:13:02 GMT

@Anonymous wrote:
Can you reaffirm unsecured debt? My atty told me I can't pick and choose creditors. The trustees won't allow it. I was told you can only reaffirm debt that is secured... primary residence home and vehicle for transportation. Is this correct?

Yes, that is correct, AFAIK. You *might* be able to keep an unsecured account open only if it already has a zero balance when you file.