Join a credit union BEFORE filing?

[Leesa926]

I belong to a credit union that will close my account as I have a personal loan included in bankruptcy as well as a car loan I will reaffirm. Is it wise now to join another credit union so down the line when it is time to rebuild I belong?

I currently have BOA which I will keep but all my reading leads me to believe long term a credit union would be better.

Just trying to see if it makes sense to join now or wait till after discharge. Thanks!

[justbroke]

Some credit unions could be difficult to join right after filing bankruptcy (or just receiving a discharge). If you want a new Credit Union (CU) account, then I would do that before filing. In my experience, the CU (USAA) only closed my checking account, but my shared saving remained and I'm still a member of the CU. You experience may differ based on the types of accounts you hold and what specific CU to which you belong.

[Leesa926]

Thanks! To be safe I just joined the credit union by my house. It is actually more convenient than what I currently have.

[AngelinaCat]

Be sure that you talk with your new CU's Bankruptcy department, and let them know what you are planning to do. You may end up like us--even though they had been notified--we got a 'nastygram' from them telling us they would close our account. 'Hub had to spend a couple of hours on the phone with them. We had to reaffirm our car loan, which we were going to do anyway (only had about another 10-12 months to go) and reaffirm our overdraft protection, which we did.

Good wishes!