Can I keep certain credit cards when filing for bankruptcy?

When you file bankruptcy, all of your debts must be listed on your bankruptcy petition.  Therefore, any credit cards that have a balance must be disclosed when you file your bankruptcy case.  Once the case is filed, the credit card companies will cancel your card.  In the end, the credit card company makes the decision on whether you can keep your credit card.  However, once it is canceled it is almost certain that you will not get to keep your card after bankruptcy.

What if your credit card has a zero balance?

If you credit card company has a zero balance, the credit card company can still terminate your account.  Although your credit card company may allow you to keep the credit card, it is rare for credit card companies to keep your account open once you file bankruptcy.

Should you pay off balances on credit cards in attempt to keep the card?

No.  If you are thinking about filing bankruptcy, you should not pay one card over another.  The bankruptcy court, bankruptcy trustee and other creditors might challenge your bankruptcy discharge.  The argument is that they should’ve been treated the same.  Therefore, if you pay off your gas card with a balance of $500, the other creditors can claim that they all should receive $500.  Therefore, if you are thinking about bankruptcy, you should seek a bankruptcy attorney to guide you through the bankruptcy process.

How do you rebuild credit after bankruptcy?

There are a number of ways to rebuild your credit after bankruptcy.  Here is a link to an entire series on credit repair.  It is almost like being 18 years old again with zero credit.  Some possible credit repairing solutions include secured credit cards, secured loans, such as your reaffirmed vehicle, gas cards and so forth.  Your bankruptcy attorney should be able to provide a number of credit repair strategies that fits your current income and expenses.