| 4. I have a charge card with an available
credit line of several hundred dollars. May I continue to make big,
luxury purchases? |
|
What you propose sounds like fraud to the
courts. Put your credit cards away. |
|
| 5. Will the credit card companies ask me
to cut my cards in half and return them to the credit card company? |
|
This sometimes happens. The main point
is that you cannot file bankruptcy against a credit card, such as
Visa, and continue to use the card. |
|
| 6. Are credit card companies ever secured
creditors such that I either return the item that I purchased or pay
for it? |
|
Ordinarily, credit card companies such
as Visa, Mastercharge or American Express are unsecured creditors.
Large tag items (lawn mower, TV, computer, bedroom suite) purchased
from, say, Sears, Lowe's, Circuit City, Hub Furniture, or Radio Shack,
for example, may be subject to a retained lien for payment. |
|
| 7. The balance on my American Express account is zero. Must I list it? |
|
No, you do not owe American Express anything. |
|
| 8. My friend guaranteed my credit card.
If I file bankruptcy, is my friend
still responsible for the card?
|
|
Yes. |
