I have a small balance with the first credit card I ever received and I do not want to list it in my bankruptcy. Do I have to list all of my creditors in my Bankruptcy?
You cannot file bankruptcy on one creditor and not another, you must list all of your debts and all of your assets.
Yes. You will need to list all of your creditors in the bankruptcy. If the balance you owe the creditor is small, and you are able to pay it off, then you may consider just paying the balance and not having to list this “creditor” in your bankruptcy petition. Since you have a $0.00 balance, money is not owed, and they are not technically a creditor. However, there is a bankruptcy rule that does not allow you to pay any individual creditor more than $600 in the last 90 days prior to filing your case. (There are various exceptions to this rule which are beyond the scope of this article). Therefore, make sure that the “small balance” paid to the creditor does not exceed this amount. However, even if you pay the card and do not list the creditor in your case, there is no guarantee that you will be able to keep the card after your bankruptcy discharge. The creditor may still learn of your bankruptcy and cancel your credit card.
Failure to list a given creditor in your Bankruptcy petition is also perjury and there can be very serious consequences.
Listing a creditor does not prevent you from paying the creditor back after your Bankruptcy.
Learn more about the Bankruptcy Filing Process.
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Disclaimer: The information provided on this site is not legal advice but general information only. This article is only a basic introduction to this issue. You should seek legal advice prior to filing for bankruptcy.