Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
That being the case, typically, what would the status be regarding these type of accounts (ones with no balance and thus not reported on the Schedule)?
Would they likely remain open?
Response 1: They would be closed by the issuers once the bankruptcy shows up on your credit report.
Response 2: No. Once the bankruptcy case is filed and it shows up on your credit report, most of your open accounts would be closed by the card issuers. You are now regarded as a high credit risk and the issuers would promptly close the accounts. Your credit reports are routinely reviewed by each card issuer to ensure that you are still a good credit risk. If no longer a good credit risk the issuer would take appropriate action. In case of knowledge of bankruptcy case filing, the open accounts would be closed.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).