Can I keep my credit cards after filing for bankruptcy?

The decision to file for bankruptcy entails numerous questions and concerns, not least of which is the fate of your credit cards. Credit cards are key tools for managing finances, making online purchases and building credit scores. Do you have to surrender them when filing for bankruptcy? You will likely lose your credit cards after declaring bankruptcy Multiple factors can influence what will happen to your credit cards post-bankruptcy, including: Type of bankruptcy filed (for individuals, usually Chapter 7 or Chapter 13) Your current credit card balances The policies of your credit card companies State-specific laws When you file for bankruptcy, you must list all your debts for discharge, including credit card balances. Even if you have a zero balance on a credit card, you will need to include it in your bankruptcy petition. Most credit card issuers cancel cards as soon as they receive notice of a bankruptcy filing. You might be able to retain your credit card if you did not use it shortly before filing for bankruptcy or if the credit card company agrees not to close your account. These situations are rare, as many people find themselves without credit cards after declaring bankruptcy. It is crucial to understand that attempting to hide credit cards or not disclosing them during bankruptcy is illegal. This action could lead to dire consequences, including the dismissal of your bankruptcy case or even criminal charges. Rebuilding your financial health may take time While you generally cannot keep using your existing credit cards after filing for bankruptcy, there are some exceptions. Secured credit cards, which need a security deposit, may still be available. Some debtors may also obtain new credit cards after bankruptcy, though often with high interest rates and fees. A bankruptcy attorney in Maryland can clarify your rights and explore potential solutions for your financial situation. This way, you can confidently approach the fresh financial start that bankruptcy offers. The post Can I keep my credit cards after filing for bankruptcy? first appeared on Terenzini & Lucero, LLC .