One question that is foremost in the minds of those who declare bankruptcy is whether or not they will be able to obtain additional credit cards in the future, as well as what their credit rating will be for purchasing a home or making other significant purchases. A credit card debt of thousands of dollars must be listed as a debt on a person's bankruptcy forms. These forms are filed under penalty of perjury, and the bankruptcy process will come to an abrupt halt if fraud is detected.
If you knowingly and willingly submit false documents in your bankruptcy case, you will be charged with perjury, which is a federal felony punishable by a hefty fine and/or a number of years in prison. The IRS takes bankruptcy fraud very seriously and will prosecute offenders to the utmost extent of the law. They possess vast resources and can trace down anyone, anywhere, regardless of who they are or where they hide.
You will not need to list your credit cards as debts on your bankruptcy forms unless you have made purchases with them. So it is up to you to decide whether to keep or discard them. If you decide to keep them, you may not have them for long, as your credit card company may decide to cancel them as a precaution, given that you have demonstrated an inability to control your spending patterns.
A person can still obtain a credit card even after a recent bankruptcy, but their credit limit will be extremely low if they do. In addition, the individual can anticipate exorbitant interest rates because (s)he represents a much greater risk.
These particular types of credit cards should be avoided wholly, as you have demonstrated an inability to manage them responsibly. A secure card is the ideal credit card for someone who has recently declared bankruptcy, and many banks offer them. Typically, you deposit a certain amount of money, say $200, into an account, and that quantity serves as your credit limit.
If you use your secure card responsibly, the bank may offer you a regular Visa or MasterCard with an initially modest credit limit after a period of time. As you demonstrate responsible use of your new credit card over time, your credit limit and credit score will increase proportionately.
There are some who believe that if you declare bankruptcy, you won't be eligible for a mortgage down payment loan for at least ten years. This obviously is not the case. Typically, after only two years, you should be eligible for a loan. Even though the bankruptcy filing will remain on your credit report for 10 years, lenders will consider how responsibly you've managed your finances since filing. If they believe you have performed well, they will offer you a loan based on your good faith and credit.""
" - https://www.affordablecebu.com/
