Can I Keep One Credit Card Out of My Bankruptcy in New York City?

The thought of living without a credit card in this day and age may seem frightening or even impossible. People don’t have savings accounts like they used to, and more consumers are turning to credit cards when they can’t pay their bills than ever before.   Clients ask about keeping credit cards out of bankruptcy every day, but unfortunately you can’t keep one credit card out of your bankruptcy in New York.

When you file for bankruptcy you are required to provide a list of all the creditors that you currently owe. Any credit cards with a balance would have to be included in this list.  A credit card with a zero balance does not have to be included on the list, but in the end you will lose this line of credit as well once the card company learns you have filed bankruptcy.  Credit card companies check the credit reports of their customers very frequently so it wouldn’t be long before they found out even if you left them off of the original bankruptcy paperwork.  Not only would they find out quickly, but almost all card agreements explicitly state they are terminated when the customer files personal bankruptcy.  So there is really no way to sneak one by them.

It is true that you will lose your credit cards when you file for bankruptcy, but all is not lost.  You can survive without them.  In fact, it won’t be long before you will be offered lots of new cards, even from the companies you received a discharge from.  As soon as your bankruptcy is concluded and sometimes even before the offers will start coming in again because these card companies and banks are happy to let you rack up more debt to put you right back in the position you started in.

So if you want them, credit cards will be there after your bankruptcy, but the goal we have for our clients is to show them that they can live without credit cards, in fact they can even thrive.  Think about it, with all of your high interest debts and bad loans completely eliminated, you will actually be in a much better place to make your ends meet every month.  Instead of throwing your hard earned money after high interest credit card debt, you will be able to apply this money towards smart investments and the things you really need.  While you will not have the false security of a high interest credit card as a safety net, you will also not be throwing most of your money away every month to keep the creditors off your back.  Our clients usually learn a valuable lesson in their bankruptcy and live smart for a period of time before wanting new credit cards anyway.  It’s a great feeling to not owe anything to anyone, but when you are ready new credit cards will be there for you.

If you live in New York and need to find affordable bankruptcy help please give the Law Offices of William Waldner a call at 212-244-2882 to arrange a free bankruptcy consultation.  You may not be able to keep your credit cards out of bankruptcy, but rest assured you will be in a better financial position by eliminating your unmanageable debts.  If you qualify, you will receive the debt relief you deserve under the law.

This article is intended for educational purposes only.  By reading this article no attorney-client relationship has been created.