Secured CC's and BK 7

[alberto-2005]

Hello again, my cyber-friends!

I was hesitant to ask this question as it is sort of "dumb", so please bear with me.

Well, I have a secured credit card with a $300 limit but with a zero balance. I also have another credit card but unsecured credit card with the same bank with a balance of $3,000 something in debt. Before I go for BK 7, will it be wise to cancel my secured credit card and get the money out of the bank? I mean, I think that if I don't do that, the bank will simply take the secured money out of my account when they know about my problems with the unsecured card, and the bank will simply cancel my secured card. Is this scenario correct?

Until next time,

Albert L.

[Cmonlottery]

If you have a checking account with a bank that you owe money, most lawyers will tell you to get a checking account with another bank before you file. The reason is there are laws that say the bank can take the funds out of your account to pay the debt owed to them even if you are in bankruptcy. I would assume the same applies to your situation(even though it is not a savings or checking account). So I would try and get the money back before you file(or before they find out you filed).

[HRx]

Hello again, my cyber-friends!

I was hesitant to ask this question as it is sort of "dumb", so please bear with me.

Well, I have a secured credit card with a $300 limit but with a zero balance. I also have another credit card but unsecured credit card with the same bank with a balance of $3,000 something in debt. Before I go for BK 7, will it be wise to cancel my secured credit card and get the money out of the bank? I mean, I think that if I don't do that, the bank will simply take the secured money out of my account when they know about my problems with the unsecured card, and the bank will simply cancel my secured card. Is this scenario correct?

Until next time,

Albert L.

Might as well get your money back

Good Luck!