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I am probably going to need to file a Chapter 7 bankruptcy…

I am probably going to...
I am probably going to need to file a Chapter 7 bankruptcy in Minnesota because Geico is suing me for $100K for personal injures sustained by someone else that was involved in an accident. I am fighting this in court but because I do not have legal representation I feel that I have a good chance of losing. If I lose and need to file for bankruptcy can I choose to pay off the credit card debt so I can keep the credit card open or will the card automatically be closed? I understand filing bankruptcy will hurt my credit but I want to try and be in good standings with the credit card company so I can improve my credit and bounce back as soon as possible, if that is even possible.
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Answered in 5 minutes by:
12/11/2017
DrakeLAW
DrakeLAW, Attorney
Category: Bankruptcy Law
Satisfied Customers: 1,037
Experience: Attorney at Drake Law Firm PLC
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Hi, my name is ***** ***** I look forward to helping you, please give me a moment to review and possibly research answers to your question.

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No, do not pay off the credit cards if you are going to file. Your cards will be closed automatically by the credit card companies when you file. Your credit will rebound relatively quickly after the chapter 7 discharge.

Please kindly rate the question so I may be credited. Thank you. You can still ask follow-up questions.

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Customer reply replied 2 months ago
Would it help my credit rebound quicker? If I did pay off the credit card would I still be allowed to use it (keep the account open.) Can Geico come after my house? I live in Minnesota and basically the only things I have is my house and my vehicle.

No, it will not help your credit rebound quicker if you file chapter 7. The chapter 7 will override all those accounts. No, even if you pay it off, the credit card company will close your account if you file chapter 7.

They might be able to put a lien on your home. Do you know how much equity you have in it?

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Customer reply replied 2 months ago
The house sold to me for appox $235k in 2014. The value went up to $255k. I purchased the house after the accident and have been making payments approx $1600 since Aug. 2014. I know most of that is towards interest though.

Well then your house will be exempt from creditors because the homestead exemption in Minnesota is $390,000.

Please kindly rate the question so I may be credited. Thank you. You can still ask follow-up questions.

DrakeLAW
DrakeLAW, Attorney
Category: Bankruptcy Law
Satisfied Customers: 1,037
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Customer reply replied 2 months ago
Thank you for your help!
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