Credit cards before bankrupcy??

Question

Can I open a credit card 5-6 months before I file bankrupcy??

Answer 1

if u are already thinking of filing for bankruptcy. this means that u probably have bad credit or else you wouldn't even think to file it. If u try to get more credit cards... u probably wont get approve. The best thing to do it try and pay off ur credit cards and build ur credit. u filing bankruptcy, looks very bad on ur credit report. my friend file it and 7 years later... he is finally rebuilding his credit again. but all those credit company will only start him off at $200 or $500. Try this if u want: Kill Off Your Credit Card Debt

The question for many of these people is, "How do I know which of
these cards to pay off first?"
To that end, I developed a system that helps consumers prioritize
their debt payment plans for my book "The Finish Rich Workbook ." It's
called DOLP, which stands for Dead On Last Payment, and DOLPing your way
out of debt is all about building momentum as you systematically pay off
each card, one by one.

Back in a February column , I introduced you to Dan and Sally
Eggleston, with whom I've been working over the past two years. We met on
"Oprah" while taping the Debt Diet series , and the Egglestons have made
amazing progress toward wiping out their debt.
Using the DOLP method, they've gone from 13 credit cards down to 4; in
90 days they'll be down to 3. They've reduced their $72,000 in credit
card debt by over $25,000 so far, and by doing so they've also
increased their credit score by over 100 points.
Do the DOLP

This same system can help you, too. Like Dan and Sally, you can get a
true handle on how much you owe and how to put a payment plan into
action in a matter of minutes. Here's what you need to do get DOLPing:

1. Make a list of the current outstanding balances on each of your
credit card accounts.

2. Divide each balance by the minimum payment that particular card
company wants you to make. The result is that account's DOLP number.

For example, say your outstanding Visa balance is $500 and the minimum
payment due is $50. Dividing the total debt ($500) by the minimum
payment ($50) gives you a DOLP number of 10.

3. Once you've figured out the DOLP number for each account, rank them
in reverse order, putting the account with the lowest number first,
the one with the second-lowest number second, and so on.

You now know the most efficient order in which you should pay off your
various credit card balances.

4. Pay as much as you can each month toward the card with the lowest
DOLP number. For each of your other cards, make only the minimum
payment.

5. Once a card is paid off, cut it up -- but don't close the account!
Leave the account open so you have credit you aren't using, which will
help improve your credit score.

Now move the next card up on your list and repeat the process until
all your cards are paid off.

Track Your Progress

I had Dan and Sally create a DOLP chart that was big enough to hang in
their kitchen. This is a great way for the whole family to keep track
of where they are in the process of wiping out their debt, and it
serves as a reminder of their ultimate goal and helps them stay focused.

Tracking which cards have been paid off is a huge emotional boost, and
propels you toward future progress. Here's a template you can use to
create your own DOLP chart:

Account Outstanding Balance Monthly Minimum Payment DOLP Number DOLP
Ranking
Visa $500 $50 10 1
MasterCard $775 $65 12 2
Sears Card $1,150 $35 39 3
Negotiate Interest Rates
Other experts will suggest that you pay off your cards in an order
based on the interest rate each card charges. I disagree with this method
simply because you should be negotiating a lower interest rate with
each credit card company from the very beginning. (See my column "Credit
Card Hazards and How to Avoid Them " for details.)

Once you've asked for a lower rate, you may end up with pretty much
the same interest rate on all your accounts. In Dan and Sally's case,
they were able to lower most of their cards below a 5 percent interest
rate -- and many of them had been as high as 29 percent.

Answer 2

Opening a credit card 5-6 months before filing bankrupcy could be seen as frode by some clever solicitor hunting you so maybe it isn't such a good idea.

RE:
>Credit cards before bankrupcy??
>Can I open a credit card 5-6 months before I file bankrupcy??

Answer 3

Yes, you can. However, bankruptcy is not a free ride and laws have gotten stricter. The Court will look suspiciously at a credit card opened that close to the filing of a BK and could deny you a discharge of your debts for abuse. It is not a good idea.

Answer 4

Well for one, you really shouldn't open one if you're filing for bankruptcy....not exactly the smartest thing to do. Secondly, debt can happen to any one so don't like that jerk who left the first comment make you feel bad. Most Americans are in debt, so don't worry all too much. You should probably wait until after you file to get any type of card as you will need to build your credit back up.

Answer 5

In theory if your credit rating is good enough you can open a credit card account before filing bankruptcy. Does it makes sense to open another credit account when you are already struggling? Does it constitute fraud if you open an account that you have no intention of repaying? Those are different, distinct questions...

Answer 6

You could but you would be creating more debt that you couldn't pay off. People like you make me sick because you have no morals the people who actually pay there bills will be the ones who have to suffer

Get a job and stop expecting hand outs

Answer 7

I found interesting information about your answer Here:
debt consolidation loans:
http://all-debt-consolidation-loan.blogspot.com/2007/07/debt-consolidation.html
credit cards:
http://all-debt-consolidation-loan.blogspot.com/2007/07/chase-credit-cards.html
Good Luck!