tag:blogger.com,1999:blog-5395815485172047015.post1911006754902340198..comments2023-09-20T08:56:06.896-07:00Comments on Hackett Law Firm LLC: Credit Union Accounts and Bankruptcy - What to Watch Out ForAnonymoushttp://www.blogger.com/profile/02966811648735529556noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-5395815485172047015.post-15104139796014083652012-12-24T23:30:41.643-08:002012-12-24T23:30:41.643-08:00Hi Dave! I agree with you that what Ryan has state...Hi Dave! I agree with you that what Ryan has stated is really interesting to know. I never came across such a cautionary note before. But I've some questions here; I mean I'm confused with few things. First of all, Ryan has not mentioned any specific bankruptcy - either Chapter 7 or 13. I feel situations must be different with individuals filing for different chapters. For instance, if an individual’s Chapter 7 is accepted, his all debts might get discharged. Again, why should a person leave liquid in his/her credit accounts with credit unions if he/she is going to file schedules with courts, as in that case their bankruptcy petition might get dismissed. Please correct me if I’m mistaken!! Thank you!<br /><br />Marc Brown<br />Senior Financial Writer<br /><a href="http://www.ovlg.com/" rel="nofollow">http://www.ovlg.com/</a>Marc Brownhttps://www.blogger.com/profile/06624699326434108073noreply@blogger.comtag:blogger.com,1999:blog-5395815485172047015.post-50186026033880551712012-10-26T14:55:23.459-07:002012-10-26T14:55:23.459-07:00What Ryan has said about credit unions will be tru...What Ryan has said about credit unions will be true for any bank or depositary institution, if you owe them money. What's different about credit unions is that their loan documents include "cross collateral" clauses. These provisions make any collateral that you've given for any loan to be security for all other loans. Thus, after filing bankruptcy, when you think you've paid off your car, the credit union will hold your title until you've paid off any other loans, like credit card accounts, even though those debts were discharged in the bankruptcy.<br /><br />David C. Hoskins<br />Attorney at Law<br />http://my-bankruptcy-helper.com/<br />Anonymoushttps://www.blogger.com/profile/00155921927908110545noreply@blogger.com