Can I Keep a Credit Card in Bankruptcy?

People often ask if they can keep a credit card after filing bankruptcy. Maybe they have a credit card they use for travel, maybe it’s one used for everyday purchases and paid in full at the end of every billing cycle, maybe it’s one with a zero balance. However, in all these cases the answer is, no: One cannot keep a credit card through a bankruptcy. There are two reasons for this. First, a debtor is obligated to list all debts in bankruptcy and affirms this under the pains and penalties of perjury. The bankruptcy discharge, once entered, will then discharge the credit card balance. Although it’s theoretically possible, no credit card creditor that I know of has ever extended new credit on the same account once the balance was discharge. So, this begs the question: What about cards with no balance due at the time of the bankruptcy? Well, these are not “debts” and technically do not need to be listed in a bankruptcy. However, credit card creditors are some of the biggest customers of the credit reporting agencies and, consequently, receive reports about the bankruptcies of their account holders. After learning of the bankruptcy from the credit bureaus, it is normal for a credit card creditor to simply cancel the account, even if it’s not listed in the bankruptcy.