Here’s a recent question we got from a reader.

I really have been working hard at not filing bankrupcy but I may not have a choice anymore. My question is, ‘are credit cards with a zero balance included in the bankrupcy’? Will the courts let you keep those?

Ms. Maria Ferrantelli

Answer – The simple answer is yes. Folks who file for bankruptcy often leave things like cell phones out of it (since they still need and want to use a cell phone).

But having said that, if you are filing for bankruptcy, presumably you would like to eliminate your debt burden. So I do not see the reason not to include it unless you want to continue to use this card and you do not really have a lot of balance on it.

But once you have filed, there is no certainty that the issuer will continue their relationship with you (meaning to say there is always a possibility that they may close the account with you).

However, always consult your bankruptcy attorney from your state with regards to these matters.

This entry was posted on Monday, August 17th, 2009 at 07:07 and is filed under Bankruptcy FAQ, Credit Cards FAQ. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.