Credit Card
Should receive our Chap. 7 discharge in a few weeks and am concerned about not having single credit card in a society that functions on credit cards. My question is.....how can I get 1 credit card and use it judiciously? Can I borrow 2 or 3K dollars from a relative, deposit it in a savings account in my bank and use it as collateral for the credit card and pay the balance on my credit card each month? Once my credit is re-established, in a couple years, my relative would get his money back, plus the interest. I absolutely do not want to do anything to jeopardize the Chap. 7.
Answer:
I wouldn't see it being a problem as long as there is a paper trail that shows the relative gave you the money and it wasn't money you had fraudulently transferred to that relative before filing. Actually, once your BK7 has been discharged, you are obligated to report to the trustee any inheritances or other receipt of *sizable* gifts of money for only 180 days post-discharge. Anything after that, the BK court can't touch. Creditors don't "monitor" your financial transactions after discharge. Regarding credit after bankruptcy -- you'll probably be inundated with offers. A few of them are actually decent. Hold out for those. I received my ch. 7 discharge yesterday and when I spoke to my attorney he stated that my main concern right now will be to become more financially secure. I raised the question before to him about creditors "watching" my spending. he basically said, right now most credit companies are too busy trying to collect from the thousands if not millions of people who are in bad shape financially. He also stated it is very rare that they would go out of their way to try to dig up things on people, if they do it is most likely with people who had very questionable paperwork and those who could be consider ch 13 eligible. If they don't raise an issue during the time frame they are given, at the 341 and then 60 days after then it is unlikely they would do anything else. My biggest fear was with one dept store card that I had and they had someone at the 341 hearings that day, but the person didn't think they could recover anything from me.
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