One of the reasons many people avoid bankruptcy at all costs is the fear of losing credit. Most Americans have become addicted to plastic and feel unable to get by. Many people will consult the bankruptcy lawyer and ask themselves the following question: Can I keep a credit card out of my bankruptcy file? Many of them have a plan according to which, technically, this is not a creditor because there is no balance on the map. Although all this seems like a good plan, it is somehow a gray area that will be corrected by the creditor if the trustee does not find out before. Creditors randomly establish credit reports on all their clients and, when a bankruptcy file appears, they immediately close the account. Thus, the idea of keeping an account open could work for a short time but would eventually be closed.
This is only part of the problem. When a person declares bankruptcy, the bankruptcy court requires that the debtor be completely honest. If someone retains something, the trustee in bankruptcy begins to question the integrity of the individual in the bankruptcy case. The last thing an individual needs to file a bankruptcy is that the trustee in bankruptcy deepen all the details of his bankruptcy petition. If there is a question about the creditors, there will probably be questions about the bankruptcy exemptions and the property assessment on the schedules. In today's technology-driven world, it's easy for the trustee to do a simple investigation of individual bankruptcy. If there is nothing online, they could simply take a look at their correspondent and have a look on their own.
The best advice for someone filing for bankruptcy is to hire a bankruptcy lawyer and let them make a living. A bankruptcy attorney will know how to use the bankruptcy exemption laws to protect the maximum of property and get the bankruptcy free. When Congress created bankruptcy, they realized that for an individual to truly make a fresh start, he could not lose everything he owned. This is where the bankruptcy exemptions came into play. Each state has its own exemptions and they vary according to demographics. For example, a farmer in Kansas should be able to keep his farm equipment so he can continue working. There are exemptions for cars and even an exemption for jokers that will protect just about everything. There is no reason to be dishonest in the bankruptcy court when there are large amounts of property that could be protected by any depositor. The bankrupt declarant just needs to know how to use these laws to improve his personal situation.