Less than $2,500 More than $2,500
Always Never Sometimes

Keep and Pay

When an individual declares bankruptcy, there may be some assets that they want to be able to keep in their ownership. A bankruptcy will nullify all loans that are included, but any assets that were purchased with these loans are subject to repossession. Keep and pay is a simple tactic that allows the filer to retain ownership of the asset. By not formally affirming the debt on the court documents, the filer is able to keep the item and make payments as scheduled.

Click for the full glossary of credit card terms.

Similar Articles:

Credit Cards

Disclaimer: This content is not provided or commissioned by American Express, Visa, MasterCard, Discover, or any other credit card company or issuer. The opinions expressed here are the author's alone, not those of any credit card company or issuer, and have not been reviewed, approved or otherwise endorsed by any credit card company or issuer. Credit Card Chaser may be compensated through various affiliate programs with advertisers. As always, Credit Card Chaser is an independent website commmitted to helping people research credit card offers and find the best credit card!

Less than $2,500 More than $2,500
Always Never Sometimes