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Can your bank get money from a cash account to pay a credit card account during bankruptcy?
I have a balance of $1,560 in my bank account. My credit card from the same bank has an outstanding of $5,800. If I file for bankruptcy, can the bank take cash out of my bank account towards my credit card dues?
All Filing for Bankruptcy Questions & Advice
Am I still eligible for financial aid benefits for school if I file a bankruptcy for my personal debts?
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Will my pay still be garnished if I file for bankruptcy?This site does not provide legal advice and users of this site should not interpret any of the information presented here as legal advice. The information provided merely conveys general information related to commonly asked legal questions. We are not a law firm and the employees responding to questions are not acting as your legal attorney. You should ultimately consult with a Lawyer for your case.
Answers
It is possible that the bank could transfer funds to repay some of the debt, but only if done prior to your case being filed. It's best to transfer the cash to another bank if possible.
Your bank account comes under the category of wild card exemptions. If you plan carefully, you may be able to claim the entire amount in your bank account as exempt personal property depending on your state laws.
If your state laws permit, you may be able to seek exemption under the federal bankruptcy exemptions. In some states, if you file jointly with your spouse, the exemption limit is doubled. Once you file for bankruptcy, an automatic stay comes in operation. This stay prevents creditors from gong after your bank accounts.
However, if your credit card is issued by the same bank where you have your accounts, the bank can "set off" the credit card debt against the balance in your account on the date the bankruptcy was filed. This means the bank will take any money out of the account on the day the bankruptcy is filed.
Talk to a Bankruptcy Lawyer before you do anything so you can get legal advice regarding your case and how best to protect your cash and other assets.
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Posted by Patrick Elaw on 08 Apr 2010
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