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I have a credit card with my bank . we are doing ...

i have a credit card with my bank . we are doing chapter 7. can they take my available funs out of my account once they are notified ?


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Sparky SnotsLicker. Charter Member of S.N.O.T.S.

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Christine Burgess

 

Kizzy4916,  I don't think the bank can touch your money.  Once a bankruptcy is filed, any assets are divided up between the creditors, just like in a business bankruptcy.  The credit card is only one creditor.  They are not entitled to all of the assets, only a part of them.  Actually, if you have a lot of money, you would not be filing a bankruptcy to begin with.  I wouldn't worry about it.  The credit card people cannot touch what ever money you have.  If you are worried about it, close your account today, and take your money home with you.  Use it immediately to pay your attorney, rent, mortgage, or any important bill.  This way you will have proof that you spent whatever money you had wisely, and you will not be in any trouble for using it.  Good luck, and I hope things really improve for you now.

Anna Sparky's Mom

 

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Reliable answers to your credit questions.

Once you file for bankruptcy, you are protected by the automatic stay. I would recommend you ask your attorney questions like this. They should be able to put your mind at ease. 

Posted 2009-09-14T13:09:00Z
GerriDetweiler was invited by Yedda to answer this question.

 

The moment you file for any bankruptcy protection under any chapter of the Bankruptcy, no creditor can take any action against you.  The money in your bank account would be the property of the bankruptcy estate.  You would be entitled to your exemption amount according to your state's limits, the rest belongs to the bankruptcy estate under control of the bankruptcy trustee.

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