Keeping Business CC in Ch 7

[Hit From Behind]

What is the name of your state? Wisconsin

My boyfriend is thinking of filing a Ch. 7 BK soon, but one concern is the fact he just received a business CC which is in his name and only to be used for business-related expenses and must be paid off in full each month, which he plans to do. With his current credit rating, he never would have received the card in the first place on his own.

Once he files, will the credit card company force him to close the card, even though it is a job-related card? This is a big concern for him as he needs it for travel related to his job, and obviously cannot get a credit card of his own to use.

Any thoughts would be appreciated.

 

[Ladynred]

Who pays the bill, your BF or his company ?

Did they check HIS credit for this card ?

If its to be used ONLY for reimbursable expenses then it should not be a problem and if payment is made by the company, they shouldn't close it if he files for BK either.

 

[Hit From Behind]

He pays the bill himself, exactly as he would if it were a "personal" CC. However, stipulation is that can only be used for bus. exp. and MUST be paid in full every month. Believe me, he wouldn't jeopardize his job on this one.


We don't know if they checked his credit to obtain the card, but if they did, his boss OK'd the card as his job is pretty high level and, as I said, he needs it to travel.

The company reimburses him directly for the charges he makes on the card (via expense report), and they must be business related--says so in the card terms.