Will see an attorney next Friday to file CH13. Been peeking around here and figure its time to join up and speak up. I have a credit union acct with our truck and do most of our banking there. Also have a regular bank which we had to open an acct to take out a loan- we owe 2 notes of $5K each there. Should I open another acct w/o any strings connecting my debt to the bank and do direct deposit through the 3rd bank? We are in the pit for $70K and have been living off the cards at the end of the pay period. 2 kids as well. Hoping to keep the family going under the CH13...
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If you can, go for 7. Now the CU will lock you down right away, or until you reaffirm. The other bank I'm not sure about. I have the same situation, but I reaffirmed and they were very nice. Course I've been a member since 1962. 'Hub
OH YES! Welcome, you are amoung friends.If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010. -
Many thanks. Tried credit counseling who referred me to a bankruptcy lawyer avenue (that was a kick in the gut reality check). Lawyer says I make too much for CH 7. But will meet in person next week with the heap of paperwork. Thank you for the welcoming. Looks like a good group of folks here...Comment
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Hi Paradise and welcome to this forum!
Yes, I would open an account that has no strings attached to loans/cc that you will be declaring BK. CU are know for "cross-collateralizing" accounts, etc.
I was very surprised too when I called a debt consolidation company (recommened by my credit card company) and when I spoke to them, they said, "sorry, we are unable to help you, our only suggestion is BK, talk to an attorney" I was heartbroken too, completely shocked that they couldn't help!
Good Luck and keep us updated
May 2008 Hired 1st Attorney/Stopped paying CCs
May 21, 2009 Retained 2nd Attorney
May 28th - Filed for Ch 7 (FINALLY!)
9/11/09 - DISCHARGED!!!!
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Run, don't walk away from the Credit Union. They have a clause called cross collaterialization and will freeze everything on you and then not service you at all. I definitely would open up a 3rd bank and then you are not worried.Comment
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Great, doing that now. Certainly appreciate the feedback.Comment
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Sorry-- reaffirm? What is that and how long does it take? Should I have a stash of coin put aside? My family needs to eat, we need gas to go to work. I am going to change banks but am unsure how long the direct deposit transfer will take.Comment
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Reaffirm - short for sign a reaffirmation agreement. If you sign a reaffirmation agreement, it means that you agree to pay all (or a portion) of the money owed to that particular creditor even though you have filed BK. Think of it as an 'exception' to the BK.
Reaffirmation agreements can be signed with the same terms and conditions you had before the filing - OR the terms, including the balance, can be modified. It depends upon the creditor and what you can negotiate.
Most here on this forum say stay away from reaffirmation agreements.Filed CH 7 9/30/2008
Discharged Jan 5, 2009! Closed Jan 18, 2009
I am not an attorney. None of my advice is legal advice in any way..Comment
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