{"id":12706,"date":"2023-10-24T21:00:00","date_gmt":"2023-10-25T01:00:00","guid":{"rendered":"https:\/\/www.duncanlawonline.com\/?p=12706"},"modified":"2026-06-03T08:57:01","modified_gmt":"2026-06-03T12:57:01","slug":"keep-business-credit-card-after-bankruptcy","status":"publish","type":"post","link":"https:\/\/www.duncanlawonline.com\/staging\/8350\/keep-business-credit-card-after-bankruptcy\/","title":{"rendered":"Can I Keep a Business Credit Card If I File Bankruptcy?"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">So, you&#8217;re thinking about bankruptcy, huh? That&#8217;s a big step, but sometimes it&#8217;s the best move. Bankruptcy can provide much-needed relief from overwhelming debts, giving you a fresh financial start. But let&#8217;s not sugarcoat it \u2013 the process can be like navigating a maze. And one of the trickiest parts of this maze is understanding how different types of debts are handled, especially regarding business credit cards.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Bankruptcy is a legal process that helps individuals or businesses eliminate or repay their debts under the protection of the federal bankruptcy court. There are several types of bankruptcy, but the most common for individuals are\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.duncanlawonline.com\/bankruptcy\/bankruptcy-types\/chapter-7-bankruptcy\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Chapter 7 bankruptcy<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0and\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.duncanlawonline.com\/bankruptcy\/bankruptcy-types\/chapter-13-bankruptcy\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Chapter 13 bankruptcy<\/span><\/a><span data-preserver-spaces=\"true\">.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">A\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.duncanlawonline.com\/bankruptcy\/bankruptcy-types\/chapter-7-bankruptcy\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Chapter 7 bankruptcy<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0is sometimes called &#8220;liquidation&#8221; bankruptcy. It&#8217;s a way for you to wipe out your debts entirely in exchange for giving up your non-exempt property. Don&#8217;t panic though; many people who file Chapter 7 don&#8217;t have to give up any of their property.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">On the other hand,\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.duncanlawonline.com\/bankruptcy\/bankruptcy-types\/chapter-13-bankruptcy\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Chapter 13 bankruptcy<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0is more of a reorganization. It involves a repayment plan where you pay back some or all of your debts over a 3- to 5-year period.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\"><img decoding=\"async\" loading=\"lazy\" class=\"alignleft size-medium wp-image-12707\" src=\"https:\/\/www.duncanlawonline.com\/wp-content\/uploads\/2023\/05\/business-credit-card-300x200.jpg\" alt=\"business-credit-card\" width=\"300\" height=\"200\" srcset=\"https:\/\/www.duncanlawonline.com\/staging\/8350\/wp-content\/uploads\/2023\/05\/business-credit-card-300x200.jpg 300w, https:\/\/www.duncanlawonline.com\/staging\/8350\/wp-content\/uploads\/2023\/05\/business-credit-card-1030x687.jpg 1030w, https:\/\/www.duncanlawonline.com\/staging\/8350\/wp-content\/uploads\/2023\/05\/business-credit-card-768x512.jpg 768w, https:\/\/www.duncanlawonline.com\/staging\/8350\/wp-content\/uploads\/2023\/05\/business-credit-card-1536x1024.jpg 1536w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/>Now, let&#8217;s talk about corporate credit cards. These are cards issued by a company for its employees to use for business-related expenses. Unlike personal credit cards, the company is usually responsible for paying the bill. But here&#8217;s the kicker: sometimes, the company can ask the employee to be personally responsible if the company fails to pay. This is where things can get dicey if you&#8217;re considering bankruptcy.<\/span><\/p>\n<p>So, here&#8217;s the million-dollar question: Can you keep your corporate credit card if you file bankruptcy? The simple answer is, it depends. If you&#8217;re not personally liable for the card, your bankruptcy probably won&#8217;t affect it. But if you&#8217;ve signed a personal guarantee, it may be a different story.<\/p>\n<p>The key here is the personal guarantee. You&#8217;re on the hook for the debt if you&#8217;ve signed one. It could be part of your bankruptcy, like any other personal debt. On the other hand, if your company has agreed to pay the debt and you didn&#8217;t sign a personal guarantee, then the debt isn&#8217;t yours, and it&#8217;s not part of your bankruptcy.<\/p>\n<p>Filing for bankruptcy comes with responsibilities. You&#8217;re required to list all your assets, income, expenses, and debts. If you leave something out, you&#8217;re not only breaking the rules but also committing fraud. And trust me, that&#8217;s a whole other can of worms you don&#8217;t want to open.<\/p>\n<p>You need to list if you have a corporate credit card and are personally liable for the debt. If you need to find out whether you&#8217;re personally liable, it&#8217;s best to ask an attorney. Better to be safe than sorry, right?<\/p>\n<p>Communication is critical if you want to keep your corporate card during bankruptcy. First, talk to your bankruptcy attorney. They may be able to help you communicte with the credit card company and your bankruptcy trustee about the situation. Sometimes, they might agree to let you keep the card, especially if it&#8217;s necessary for your job.<\/p>\n<p>Also, keep in mind that bankruptcy can affect your credit score. But don&#8217;t despair \u2013 it&#8217;s not a life sentence. Over time, you can rebuild your credit. The important thing is to stay on top of your finances and avoid falling into the same pitfalls that led to bankruptcy in the first place.<\/p>\n<p><span data-preserver-spaces=\"true\">Regarding bankruptcy, it&#8217;s always a good idea to get professional advice. If you&#8217;re in North Carolina, you&#8217;re in luck. A team of experienced bankruptcy lawyers can guide you through the process. Whether in Charlotte, Greensboro, High Point, Salisbury, or Winston-Salem, you can find a\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.duncanlawonline.com\/bankruptcy\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">bankruptcy lawyer<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0nearby who can help.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">If you&#8217;re in Charlotte, check out this\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.duncanlawonline.com\/bankruptcy\/charlotte-bankruptcy-lawyer\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Charlotte, NC bankruptcy lawyer<\/span><\/a><span data-preserver-spaces=\"true\">. Or if you&#8217;re in Greensboro, here&#8217;s a\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.duncanlawonline.com\/bankruptcy-attorney-greensboro-nc\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Greensboro, NC bankruptcy lawyer<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0that comes highly recommended.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Navigating bankruptcy can be complex, but with the right guidance, you can get through it and come out stronger on the other side.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">So there you have it \u2013 a rundown of what you need to know about <a href=\"https:\/\/www.nerdwallet.com\/m\/credit-cards\/excellent-small-business-credit-cards?bucket_id=lp1&#038;ds_rl=1246084&#038;gad=1&#038;gclid=CjwKCAjw6vyiBhB_EiwAQJRopjyAcAehDoLbnqLmZXIjrornz50ZgQchPAjfxjdBgDQwzYOalcZ5sxoCw0MQAvD_BwE&#038;gclsrc=aw.ds&#038;mktg_body=1678&#038;mktg_hline=11649&#038;mktg_img=3597&#038;mktg_place=aud-1601437786719%3Akwd-24578363&#038;model_execution_id=F40B4812-8731-417B-9D34-F20F3872D689&#038;nw_campaign_id=150282989553653400&#038;utm_campaign=cc_mktg_paid_080121_business_alpha&#038;utm_content=ta&#038;utm_medium=cpc&#038;utm_source=goog&#038;utm_term=best+business+credit+cards\">corporate credit cards<\/a> and bankruptcy. Remember, every situation is unique. What works for one person might not work for another. That&#8217;s why getting professional advice tailored to your specific circumstances is crucial.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">For further reading, I recommend checking out the\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.duncanlawonline.com\/bankruptcy\/faq\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">bankruptcy FAQs<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0for more insights. And remember, while bankruptcy is a big step, it&#8217;s not the end of the world. It could be the beginning of a brighter financial future. Stay positive, stay informed, and you&#8217;ll get through this. Good luck!<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":3,"featured_media":12707,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4171,4168],"tags":[],"class_list":["post-12706","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bankruptcy-basics","category-credit-and-debt"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Business Credit Card in Bankruptcy | Duncan Law<\/title>\n<meta name=\"description\" content=\"Can you keep a business credit card if you file bankruptcy? It depends on whether you signed a personal guarantee. 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