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

The answer to this question depends on the type of credit card you have. The most common types of credit cards are either secured or unsecured. If you have a secured credit card, you may be able to keep it after filing for Chapter 7 Bankruptcy in Illinois. This is because secured credit cards are backed by a financial asset, such as a bank account or other collateral. That collateral could be seized if you fail to make payments. However, it is usually possible to pay off the balance of a secured credit card before filing for bankruptcy. On the other hand, if you have an unsecured credit card, you may not be able to keep it after filing for Chapter 7 Bankruptcy in Illinois. This is because unsecured credit cards are not backed by a financial asset, so the issuer of the card may be able to write off any unpaid balance as part of the bankruptcy process. It is important to note that even if you are able to keep either type of credit card after filing for bankruptcy, it may affect your credit score. Therefore, it is best to speak with a qualified attorney about your specific situation in order to determine the best course of action.

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

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