Pages Navigation Menu

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 http://www.bankruptcylawnetwork.com/can-i-keep-a-credit-card-out-of-my-bankruptcy/ 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...

Read More

Tag Cloud

Subscribe To Our Newsletter

Subscribe To Our Newsletter

Sign up to receive helpful information from attorney James Robert Deal about seller-finaincing, lease-option deals, wrap-around deals, and mortgage modification.

You have Successfully Subscribed!