Filing on Credit Union with secured loans

[kari]

With our Credit Union, we have a credit card (which we'll have to file on) and two secured auto loans. Will they try to either close our secured loans or increase the rates? Would it be a good idea to transfer those loans to another bank before we file? Also, Our home is worth about $216,000. We have a home equity line of credit for $25,000, leaving the equity in our home at $23,000. We live in Illinois where the exemption rules on homestead are as follows: Real or personal property to $7500; sales proceeds exempt 1 year from sale. Husband and wife may double. What exactly does that mean, and will there be a good chance we'll lose our home. We have only had one late (by a few days - forgot) in the past nine years.

Thanks for any help.

[shardena]

filing chapter 7 or chapter 13

What are you intending to file a chapter 13, or chapter 7?

[kari]

We plan to file chapter 7.

[EdytaHome]

I had a really hard time with my credit union (please look at my posts for last month), if you can refinance with another bank, I would. They may make you pay more for your cars (what ever the market value is, of course if it's higher than what you owe on the vehicles). On the other hand they may not since it's a credit card and I had a signiture loan which I was trying to discharge.
Your IL exemption is doubled if you file jointly so it should be $15,000. Consider filing under federal.
Good luck.

[kari]

What is Federal Filing?

What exactly is Federal Filing. I've seen it mentioned before, but don't quite understand.

[tinroofrusted]

My credit union was a PITA to work with.

They are STILL sending me collection letters after discharge, they have HARD pulled my credit TWICE since discharge, and were total jerks when I surrendered my car.

Tread lightly.

[missy2]

are you all kidding? i'm filing chapter 7...hoping to get my "workout" loan with my credit union (secured by my car - that they took yesterday) and my charge cards discharged. is there a possibility this won't happen???