Can I keep my credit cards after filing for Chapter 7 Bankruptcy?

Yes, you can keep your credit cards after filing for Chapter 7 Bankruptcy in California. However, it is important to understand the limitations of your credit card use. First, Chapter 7 Bankruptcy stays on your credit report for up to 10 years, so any new credit card applications you make may not be approved because of this. Second, if your credit card debt is discharged in bankruptcy, then you aren’t allowed to use the credit card to create new debt. Essentially, you can use the credit card to pay for things that you already have the money for and not incur any additional debt. You should also be aware that credit card companies can still close your accounts and freeze your credit even after filing for bankruptcy. This can make it difficult to access credit or borrowing services in the future. Finally, keep in mind that if you have any credit cards that are secured by collateral, such as a car or house, then those credit cards may not be discharged in bankruptcy. This means that you must continue paying these accounts as normal. Overall, you can keep your credit cards after filing for Chapter 7 Bankruptcy in California, but you should be aware of the limitations associated with the use of your credit cards.

Related FAQs

Can I keep my credit cards after filing for Chapter 7 Bankruptcy?

Related FAQs

Related Blog Posts