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Bank Account Safe?

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  • Bank Account Safe?

    Hello All,

    I am new to this site and I am hoping that someone can give me some insight into this crazy and unfortunate situation that I am in. Here is the scoop: About three years ago, my mom filed for bankruptcy. Little did I know, she had been using a credit card that she co-signed for me 11 years ago and racked it up to a little over $10,000. After her bankruptcy, I received a notice from Chase stating that I owed them all of the money. I was so irate I didn't know what to do. I immediately called them.....they wanted full payment of about 8k for it to all go away...that day! I called them numerous times after I received their letter and one representative I spoke to said that I was NOT responsible for the debt because I didn't use the card at all. I found that hard to believe. I decided to check my credit reports: There it was! On 2 of my 3 reports, I had a 10k delinquent debt. I fought to have it removed, which it has been for three years or so. My credit score is in the high 700's.

    My question is this: Should I be keeping my money out of my bank account fearing they will seize it if they sue me? How long would that normally take? I have removed almost all of my money except money going in and out for bills. My money is hidden elsewhere. As far as I know, Chase has 5 or 6 years to come after me (Statute of limitations). I have not received any notices from them since three years ago or so. I have a feeling that they will eventually come after me. Any suggestions would be awesome! Thank you everyone!

  • #2
    Hi Anthony, and Welcome! Sorry to hear about your troubles. I hope you and your mom make it through this difficult time ok.

    They may be able to cross-collateralize and take your money. Without a lawsuit.
    I'd play it safe and think about opening an account elsewhere.

    As to a lawsuit, theoretically you should get notice of any kind of suit and or judgement. But you do occasionally hear of people having judgements and garnishments with no notification.
    Be safe and continue to keep minimal amounts wherever it is you bank. Some will tell you to go to cash/money orders/prepaid cards etc...but that may not be very practical if you have a lot of bills.

    Keep On Smilin'

    Comment


    • #3
      This thread has a lot of information in it, some of it will apply to your situation, some won't...

      http://www.bkforum.com/showthread.ph...1-Exempt-funds

      Until they sue you and win, they can't touch your account, and generally speaking most people know when they get sued because a process server shows up at their door, but it is best to play it safe and keep as little money in a checking account as possible if you think someone is going to sue you.

      Sometimes they get sneaky about it, but not generally when it comes to original creditors like Chase.

      And yes, it is best to close the old account if it is at a Chase bank or one of their affiliates, and open a new account at bank that has nothing to do with the creditor.

      As a rule of thumb, never keep more money in a checking account than you can afford to lose once someone files a lawsuit against you.

      You may want to also think about your wages. Can they garnish your wages in your state?

      If yes, then if they do end up filing a lawsuit, you might want to file bankruptcy to keep them from garnishing your wages, unless you can stand living on 25% less income and you're not afraid of what your boss might think if you get your wages garnished.
      The world's simplest C & D Letter:
      "I demand that you cease and desist from any communication with me."
      Notice that I never actually mention or acknowledge the debt in my letter.

      Comment


      • #4
        Originally posted by keepsmiling View Post

        They may be able to cross-collateralize and take your money. Without a lawsuit.
        I'd play it safe and think about opening an account elsewhere.
        Chase is a federally chartered bank. Federally chartered banks cannot cross-collateralize a consumer credit card account. See the US Comptroller of Currency website: http://www.helpwithmybank.gov/get-an...offset-01.html. I was concerned when I filed BK because I had a high balance on a Bank of America credit card and have a $10K CD with one of its subsidiaries. My attorney confirmed without hesitation that the CD was safe under federal law. That didn't keep me from requesting a copy of my credit card agreement from BofA and read it several times to make sure there was no cross collateralization clause. Better safe than sorry.
        LadyInTheRed is in the black!
        Filed Chap 13 April 2010. Discharged May 2015.
        $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

        Comment


        • #5
          Originally posted by LadyInTheRed View Post
          Better safe than sorry.
          That's my policy. Better safe than sorry.
          The world's simplest C & D Letter:
          "I demand that you cease and desist from any communication with me."
          Notice that I never actually mention or acknowledge the debt in my letter.

          Comment

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