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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2815
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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I live in the United States and because of a couple of business

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I live in the United States and because of a couple of business deals gone sour have been advised to take Chpt. 7 as soon as possible. The question is: I have continued to make payments on 2 credit cards and was not planning on including them in the proceeding. Will these cards remain active after banktruptsy, or am I better off including them and completely starting over?
You must list all outstanding debts in the bankruptcy, and thus will be discharged.
The creditors will most likely close those accounts.
You can try to reaffirm the debts, but you will need to convince the judge on why you need to keep an unsecured debt. (normally I advise my clients to go get a new card once the case is done- they get tons of applications right after filing. that way, they are debt free, and can have a card for emergencies. Otherwise, I advise them to use a debit card in the meantime)
Customer: replied 7 years ago.
Thank you, XXXXX XXXXX if private debts that are not on credit reports are not disclosed because we intend to repay?
You still need to list them down. The code requires you to list down all assets and all liabilities. There is a statement of intention that you can select that you want reaffirm (pay back) that gets filed as well.
You can always pay them back later, nothing is prohibiting you from doing so, they just cannot collect on the debt.
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