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Bankruptcy chapter 7

Infrared
Established Member

Bankruptcy chapter 7

Hi all, I’m new and this is my first post. Apologies if this was asked before but I didn’t find anything on it.

I filed ch.7 on 8/15 and the creditor meeting was 10/17, it was continued twice by my lawyer. We listed all of the creditor’s except the my 2 credit cards that had a 0 balance.

Has anyone had a credit card stay open and active through and after filing. The one card with a 0 balance was closed by the bank when they found out about the BK but the other 0 balance card is still active.

I’m hoping that it is okay and because of it my credit score won’t take such a hit since there will be 1 card open with a 10 year history. Have you heard about something like this?
Filed 8-15-19 score EX680
DC 11-17-19: score EX590
Current scores: EX-688 TU-695 EQ699
Message 1 of 8
7 REPLIES 7
JAG73
Moderator

Re: Bankruptcy chapter 7

1. Out of curiosity, why didn't you list the 2 credit cards? Did your attorney know? 
2. I've seen cards surviving BK sporadically on the forums, but it's not the norm. 

 

Got some pruning to do... No more new cards!
Message 2 of 8
FireMedic1
Super Contributor

Re: Bankruptcy chapter 7

Good Question @JAG73 . My attorney (Paralegal) made me get my annual reports to make sure i didnt miss anyone. She was OCD on each point. Smiley Happy





My posts are JMHO. My siggy is not to brag at all. Just sharing my experiences after learning here from rebuild to recovery after BK DC 540's. And to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 3 of 8
twono
Frequent Contributor

Re: Bankruptcy chapter 7

Per my attny, we listed all credit card accts on my BK petition, even the ones with $0 balances, including a $35,000 LOWES credit limit.

Listing ALL accts seems to be standard operating procedure when filing.

 

I am 32 days post CH. 7 DC, and my KOHLS card is the only 1 that survived.

 

Oddly enough, I burned CapOne for over $32k, and was surprised that KOHLS remained open since it is backed by CapOne.

Message 4 of 8
Infrared
Established Member

Re: Bankruptcy chapter 7

I first worked with a paralegal who gathered all of the information and ran the credit reports, my main lawyer looked everything over and I remember him saying we don’t need to list the creditors that we don’t owe anything to. Maybe it was an error, that’s why I’m questioning it now.
Filed 8-15-19 score EX680
DC 11-17-19: score EX590
Current scores: EX-688 TU-695 EQ699
Message 5 of 8
Infrared
Established Member

Re: Bankruptcy chapter 7

Thanks for your input, that’s interesting.

One of my 0 balance cards was also a department store from Macy’s but I burned Citi bank on 20k, who own Macy credit and it got cancelled automatically. The last surviving card is also a department store with only 3k CL probably owned by a smaller bank who I didn’t owe.

But since my attorney saw it on my credit and didn’t list them, maybe it slipped through the cracks. I’ll just leave it be, it’s been over 2 weeks since the creditor meeting.
Filed 8-15-19 score EX680
DC 11-17-19: score EX590
Current scores: EX-688 TU-695 EQ699
Message 6 of 8
twono
Frequent Contributor

Re: Bankruptcy chapter 7

Let's hope it stays open, but don't count on it....just for the sake of not being disappointed if it/they do get closed.

 

My KOHLS is open for now....but i am fully aware that i could  get up one morning with an alert from 1 of my 10 credit monitoring services, saying " CLOSED BY GRANTOR".

 

I believe that my open KOHLS is helping me with some of my scores post DC.  My EQ is 615, 32 days post DC.....For some reason(s) though,  EX is 585 and TU is 580.

 

Message 7 of 8
Infrared
Established Member

Re: Bankruptcy chapter 7

Yes that’s true, guess it doesn’t really matter if it gets closed or not. I just excited to start with a clean slate and start rebuilding the right way.

Before the BK I was only getting my score from the EX app and it was 683 before BK and the it dropped to 590 after filing.

Somehow only 2 months after filing, 2 week after the creditor meeting, the credit to debt ratio is 0% and the new scores are
EX 591, EQ 638, TU 603
Now I get all 3 scores from the Experian app.
Filed 8-15-19 score EX680
DC 11-17-19: score EX590
Current scores: EX-688 TU-695 EQ699
Message 8 of 8
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