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Re: They are charged off

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Posted by mk_378 ( on June 05, 2004 at 09:54:18:

In Reply to: Re: They are charged off posted by eobertb on June 04, 2004 at 23:27:20:

The bank where you have a checking account and a charged-off credit card may take your money out of the checking and apply it to the bad debt. This is usually allowed by the fine print somewhere. They'll likely only do it if there is a significant amount of money there, because they'll only get away with it once. If you don't intend to pay the card, close out the checking account now.

Car loans need not be included in bankruptcy if you can afford the payments and think it's a good deal to keep the car. If you have a card with current payments and a low or zero balance, consider not including it in bankruptcy. The company may close it anyway, but if they let you keep it it will help rebuild your credit rating. Anything with a high balance should be included. If you don't, the bank will still close it, and you'll have to pay the balance off. Consult a bankruptcy lawyer. "Credit counselors" are bad for the consumer, good for creditors.

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