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Can I keep a credit card out of bankruptcy?

Posted in Bankruptcy

Can I keep a credit card out of my bankruptcy? by Chip Parker, Jacksonville Bankruptcy Attorney The Bankruptcy Code requires a debtor to list all creditors in his bankruptcy schedules.  However, a “creditor” is typically defined as someone to whom the debtor owes money.  Specifically, 11 U.S.C. § 101(10)(a) defines a creditor as an “entity that has a claim against the debtor that arose at the time of or before the order for relief concerning the debtor.” So, if the debtor has a credit card with a zero balance, the issuer of that card IS NOT A CREDITOR, and therefore, the debtor need not disclose his bankruptcy to that credit card company.  BUT, that’s not the end of the story. Card issuers write very one-sided credit card agreements that seem to get modified all the time.  The Terms...

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