THE NEEDLEMAN LAW OFFICE
ATTORNEY SCOTT R. NEEDLEMAN
Columbus Ohio Bankruptcy
With bankruptcy, there are mounds of unanswered questions that are sure to weigh on your mind. Before you decide for or against this, you need to answer all these questions to ensure that you are making the right decision.
Unsecured debts, such as credit cards are discharged in a Columbus, Ohio chapter 7 bankruptcy. Therefore, the balance that is owed will be wiped out, and the account closed.
In a chapter 13 bankruptcy debt reorganization plan, credit cards are considered unsecured debts. Therefore, only a portion of the credit card debts are typically paid back over the 3-5 year repayment plan, then discharged at the end of the plan.
For many, the question of what happens to their credit cards in bankruptcy is a big concern. Generally speaking, you are not required to surrender your credit cards, however, this is not the case across the board. Depending on the state in which you live, the bankruptcy court may ask that you turn over your credit cards.
Note: trustees do not have the legal authority to force you into turning over your credit cards.
While you may not be required to hand over your credit cards, here is what you need to know. When you file bankruptcy in Columbus, all of your creditors will be included in your bankruptcy documents. Subsequently, your credit card company will eventually receive a notice of your bankruptcy. At that point, they will more than likely cancel your card.
Many people think it is a good idea to hide this information from the court, however, it is a huge mistake. You are required to disclose all of your debt, which includes any credit cards with a balance.
Tip: if you have a credit card without a balance, you do not have any debt. Subsequently, you can keep the card.
Even if you attempt to hide a credit card with a balance from the court, your credit card company is not going to be in the dark for too long. They will find out about the bankruptcy filing from your credit report, and then cancel your card at that point.
You are filing bankruptcy as a means of bettering your financial situation. Do you really want to keep a credit card, tempting you to go down the same path again in the future? Your best bet is to live without credit cards for the time being and once you have stabilized your financial situation, apply again. At this point there will likely be numerous credit card companies sending you applications and urging you to apply.
If you have any questions about what happens to credit cards in Columbus Ohio bankruptcy cases and how the Columbus bankruptcy process will unwind, contact bankruptcy attorney Scott Needleman to discuss your situation. We can review your finances, including your credit cards, and give you a better idea of what to expect.
Posted By: Danny Worth his weight in gold
The best Attorney i had and does'nt play games and straight forward. If it can be done he will get the job done. He did damage control on another well known inexperienced law firm in columbus (clowns) messed up. Scott you're the best!
Posted By: Stephen Very Pleased
Scott Needleman is a wealth of knowledge, his service was accurate and timely. The service provided exceed the price. Thank you.
Posted By: Candice Great Lawyer
He made me feel comfortable from the beginning. I'm so glad a friend suggested him to me. He made the process as easy as possible and I can't thank him enough for his help!
Posted By: William No non-sense
I hires Scott to do a chapter 13. He was/is current with revised laws, knowledgeable, tough and looks out for his customers. And he was a boxer. YIKES!
Posted By: Winfield Chapter 7 Bankruptcy Case
Scott did a good job when I had to file for bankruptcy. He helped me eliminate my credit card debt and it only took 4 months. It didn't take the entire 6 months that I was expecting.
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