Bankruptcy and capital one

sharry71

I have a friend who is going bankrupt in 6 weeks, he currently has a capital one credit card, although nothing is owed on this. My question is will he be allowed to keep it.
He wanted to keep if for emergency purposes(nothing else) or will the OR take it, or will capital one stop it.
Many thanks for reading all advice gratefully received.

mattcanary

I think your friend will lose it - don't think undischarged bankrupts are allowed access to credit-cards of any kind. Sorry.

fermi

The account will be legally the responsibility of the OR/trustee. Money owed on it or not.

They must declare it on the BR forms. To omit it is an offence.

Cap One will stop the account once they are informed of the bankruptcy. Financial institutions subscribe to the London Gazette where all bankruptcies are published, so odds are they will find out even if not told by the OR.

sharry71

Thanks for the replies I will pass on what as been said.