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West Palm Beach Bankruptcy & Business Attorneys > > Bankruptcy in Florida > Can I keep a credit card when I file for Chapter 7 bankruptcy?

Can I keep a credit card when I file for Chapter 7 bankruptcy?


Unbeknownst to many, there are plenty of ways you can get a credit card and establish solid credit after completing a Chapter 7 bankruptcy. However, you will not be able to keep your old credit cards after you officially declare. They will all be cancelled when the card companies become aware of your Chapter 7 bankruptcy status, but all hope is not lost. Rebuilding your credit history and regaining access to credit cards may take some time, but it is also entirely possible.

How can I get a credit card after bankruptcy?

In many instances, the fact that your credit cards were closed when you filed for Chapter 7 bankruptcy will not prevent you from obtaining a credit card in the future. Since many Chapter 7 bankruptcy cases usually last only around three months, you may be able to apply for a credit card faster than you thought. If you are considering signing up for a credit card not long after your Chapter 7 bankruptcy proceedings terminate, you will want to be more careful than ever not to abuse your new credit line and risk falling into financial troubles once again.

How can I start rebuilding my credit after a Chapter 7 bankruptcy?

If you are looking to start rebuilding your credit after a Chapter 7 bankruptcy, obtaining a secured credit card through your bank or secured card issuer may be the best way to do so. These cards will likely come with a security deposit of around $500, similar to a security deposit you would pay for a rental apartment. As long as you pay off your balance in full every month, the security deposit will not be touched. By consistently paying off what you charged on the credit card each month, your credit will surely begin to improve.

If you want to learn more about credit cards and Chapter 7 bankruptcy, the attorneys at Kelley Kaplan & Eller would welcome the opportunity to meet. We invite you to schedule an initial consultation with an experienced bankruptcy lawyer in West Palm Beach and let us place you on the path to a more stable financial future.

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