Apr 11
I am going to file chapter 7 bankruptcy and I have a joint credit card between myself and my son. What I would like to do is keep the credit card so I still have something for emergencies after I file bankruptcy. Do I have to list the joint account when filing bankruptcy? Because I would like to keep it open and keep making the payments as usual, and if I did list it could that effect my sons credit, even if he makes the payments, since he is joint on the account,?
Related Credit Card Sites
- Filing For Bankruptcy | Personal Injury Attorney Los Angeles Blog
- Now Get Help with Chapter 7 Bankruptcy – Filing Personal Bankruptcy Attorney | Tax Bankruptcy
- Portland Oregon Bankruptcy – Baxter & Baxter, LLP | Consumer Protection | Bankruptcy Attorneys | Portland, Oregon | Vancouver, Washington
Related posts:
- Are joint accounts required to be listed when filing for bankruptcy in Maryland?
- Filing for bankruptcy – Am I required to list my joint credit card account?
- im looking for a unsecured credit card company that will give me a credit card after bankruptcy.?
- Different Chapters of Bankruptcy & which is applicable
- credit cards and bankruptcy?
April 11th, 2010 at 10:41 pm
Yes, you must list it. Your son would be listed as a co-debtor. You would be discharged of your responsibility for that debt but the creditor would still be able to collect it from your son. The credit card company may or may not agree to allow your son to keep the account open.
You will receive many offers within weeks of filing bankruptcy for very low limit very high interest credit cards from credit card companies that specialize in marketing to those who’ve just filed bankruptcy (they know you can’t file again for 8 years). Be wary of these. If you MUST have a credit card for emergencies you may want to obtain one, but don’t allow it to accumulate a revolving balance as the interest rates are extremely high, and over the course of several months you will wind up paying more in interest than the principal amount that you charged.
These do have their place though, for example, for folks who have children or parents living a long way from home, and who want to make sure that they always have the ability to purchase an emergency airline ticket in the event that their loved one suffers a life-threatening injury or illness.
April 11th, 2010 at 10:41 pm
Yep…. you are on the card, you have to list it. You lose all credit during bankruptcy. Your attorney will tell you that.