Chapter 4 Time Value Of Money Answers To End-Of-Chapter Questions After A Bankruptcy Filing And Already Getting Credit Card Offers

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After A Bankruptcy Filing And Already Getting Credit Card Offers

One of the hardest things for an individual filing for bankruptcy is to give up their credit cards. A common question that many people ask their bankruptcy attorney when filing is, can I keep one of my credit cards as long as I can continue paying on it? It’s pretty crazy to even ask that. Isn’t that what got them in all their trouble anyway? People don’t understand how they will be able to survive without credit. I remember when I was a kid my parents used to save for household items like a TV. It wasn’t till the 70’s when plastic became popular. This idea that you could have it now and pay for it later, when you really think about it is pretty stupid. In most cases, by the time you pay it off the item is worthless and you probably aren’t even using it anymore. Thinking about it that way, if you had saved the money to buy the item, you might change your mind and not bought it because it was not as important as you thought it would be. Most purchases that are made by credit cards are impulsive.

After a person files for bankruptcy, notices are sent out from the court to a list of all the debtor’s creditors. That’s why the bankruptcy attorney takes the time to create a creditor matrix that is filed with the bankruptcy petition. This is the list the bankruptcy court uses to do the mailing. Once all the creditors are notified, in most cases, they close the accounts. First of all, the debtor shouldn’t be charging anything if they’re in the process of filing bankruptcy. That gets back to the point, even if the debtor wanted to try and keep a credit card it wouldn’t matter because they would close the account anyway.

In a Chapter 7 bankruptcy, the debtor will usually get their discharge about 4 to 6 months after the filing. With a Chapter 13 bankruptcy, the debtor will need to complete a 3 to 5 year payment plan before the court will give them their discharge. Another question that a bankruptcy attorney hears quite frequently is, how long after my bankruptcy discharge will I be able to get another credit card? Once again, it’s almost like the debtors just don’t get it. Credit is what ruined their life and it’s the first thing they worry about getting again.

Lately, many people post bankruptcy filing had been telling stories of how they are getting preapproved credit card offers in the mail. This person has just gone through a bankruptcy and the letter will say your credit is in good standing and you are qualified for a new credit card. That’s totally a surprise because usually most debtor’s post bankruptcy filing get bombarded with secured credit card offers immediately after the discharge. It makes you wonder if they didn’t know about the bankruptcy or do they not care. The creditors do know that after a Chapter 7 bankruptcy most debtors are debt free or almost debt-free with just an automobile loan or a mortgage.

Those two items almost really don’t count because they’re necessary to live. They also know that this person can’t file bankruptcy again for eight years. This gives them pretty good odds that they will be able to be paid. Many of these offers have extremely high fees and interest rates, so the debtor should be very careful before signing on the dotted line. After going through the stress of filing bankruptcy at debtor should be wary of getting into debt quickly again and should consult their bankruptcy attorney before deciding to do so.

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