July 4, 2023 By:
Though the law does not prohibit owning a credit card after filing a bankruptcy petition, as a practical matter, you probably won’t have access to one. As a general rule, when a credit card company learns that one of its customers has filed for bankruptcy protection, it will terminate all privileges associated with the card. That’s because the filing of the bankruptcy petition will cancel all your contracts. Once your credit card company realizes that it no longer has an enforceable contract with you, it won’t want to risk any further losses.
Note that, even if you have no balance on a credit card, it will likely be canceled by the provider, as it must be listed in your bankruptcy filing, regardless of the balance.
Yes. In fact, you may be surprised at how soon you’ll qualify for a new credit card or some other type of consumer financing. You can typically expect a new credit card offer within a few months. There are, though, a number of reasons why you’ll be more attractive to a credit card company after filing for bankruptcy protection:
Make certain a Chapter 7 filing will provide the fresh start you need. At the Law Offices of Carrie Weir, all potential clients are entitled to a free initial consultation. To arrange an appointment, contact my office online or call 972-772-3083. I handle Texas personal bankruptcy filings in Kaufman County, Rockwall County, Collin County, Dallas County, Hunt County and the surrounding counties.