Can I exclude one of my credit cards from my bankruptcy case?

No, you can’t exclude any of your credit cards when you file a bankruptcy case. You must list on your bankruptcy papers all of your debts. Pursuant to very clear bankruptcy law guidelines, you must disclose all of your property and all of your debts. With respect to your debts, you must even list in your bankruptcy paperwork (“the schedules”) any mortgage and car loans, as well as debts that you know that you cannot wipe out (“discharge”), such as student loans or most income taxes.

If you intentionally fail to list certain debts, the Judge in your case could conceivably dismiss your bankruptcy case. With respect to credit cards though, it’s reasonable to presume that you can apply for a credit card after your bankruptcy case is finished. Many credit card companies will offer new accounts to folks who have previously filed bankruptcy cases. Even with the current economic recession, I often hear that former bankruptcy clients have obtained new credit card accounts. My former clients tell me however that they have to be careful not to take out too much credit with their new accounts.

I think that anyone filing bankruptcy should get as much of a financial fresh start as possible. We all know that a bankruptcy case filing is the most dramatic financial act that one will likely make in one’s life. Thus, you will want your bankruptcy case to have as big an effect as possible.

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