People considering bankruptcy have many questions regarding how future credit will be affected. Some think that it will be 10 years before they can get credit again, or that they will never get a credit card after their bankruptcy.
Common questions debtors have are usually about keeping current credit cards, establishing new credit and buying a home.
If money is owed on a current credit card, then it must be listed in your bankruptcy forms as a debt. These forms are filed under penalty of perjury and if fraud is detected, your bankruptcy case can be discharged.
Also perjury is a federal crime punishable by a fine and time in prison. Neither circumstance is ideal for someone trying to repair his or her credit. But if nothing is owed on the card, then it does not have to be listed.
But this doesnt necessarily mean you will get to keep your card. Your company may cancel your account as a precautionary measure.
Credit is now available to the recently bankrupt. Though most will find high restrictions such as lower limits and higher interest rates.
But it is not necessarily a good idea to start up right away with those credit cards. Usually...
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