Legal Question in Bankruptcy in Massachusetts

Holding on To a Credit Card

My husband and I are thinking about claiming bankruptcy (chapter 7 I think).

My question is is it possible to hold on to one credit card for emergencies, while getting rid of our other credit card debts with the bankruptcy?

Do we have to disclose all credit cards we have? We wanted to be able to hold onto a low credit limit card in case of emergencies. This card would have no debt or very little less than 100$ at this time.

Thank you


Asked on 4/02/00, 6:42 am

1 Answer from Attorneys
Melody Stickel-Martinez Melody Stickel-Martinez, Esq.

Re: Holding on To a Credit Card

You must disclose all of your debts on the Petition for Bankruptcy. If you want to retain a credit card then after you file for Bankruptcy, contact the creditor of the card that you wish to retain and see if they would be willing to take a reduced amount to pay off the card and would they allow you to retain the card. Review my web page for more information on this matter.

www.attorney-4u.com

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Answered on 4/17/00, 2:42 pm


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