"Leave My Favorite Credit Card Out of My Bankruptcy!"

I hear something similar to this more often than you might think. Sometimes I even hear this before the potential client hangs up the phone from making an appointment for a consultation. They want to make it perfectly clear that they “do not want bankrupt their credit card”.

Usually, in the case of wanting to keep a credit card, they want to keep it for one of a couple of reasons. One, the credit card company (meaning the people they speak with on the phone) are so nice, they just couldn't place them in the bankruptcy because, well, they just couldn't do that. The second reason is, they want to keep the card so they can rebuild their credit, as they heard from someone you need a credit card for this purpose. Thirdly, they want the card for emergencies, or to be able to rent a car while traveling, or get a hotel room. Each of these are very valid concerns, and I will try to address each in order. But before addressing these, first lets take a look at the bankruptcy process, and how it relates to ones thinking.

I will be addressing each of these separately in a three part series to follow.