By accident, I found some articles regarding "cross collateral clause".
I have a car loan ($5k) and a credit card debt ($20k) with a credit union. I didn't know that almost EVERY credit union has "Cross Collateral Clause" policy.
Based on "Cross Collateral Clause" at a credit union, I would not be able to re-affirm my car. Am I understanding correctly?
I am planning to file chapter 7 in December 2009 or January 2010.
Should I pay off the car loan NOW to keep my car, and then file BK to discharge CC debt later? Or Credit Union never release the car title until I pay off all the Credit Card Debts as well?
When I found about "Cross Collateral Clause", I almost fell on the ground!
Is there any way to re-affirm the car through BK? I would make $5k to pay off the car loan before BK but I am not sure if they release the title until I pay off the CC debts.
BTW, will it apply another car loan with Chase Auto Finance? (I have a CC debt with Chase Credit Card - I want to re-affirm the second car as well)
I have a car loan ($5k) and a credit card debt ($20k) with a credit union. I didn't know that almost EVERY credit union has "Cross Collateral Clause" policy.
Based on "Cross Collateral Clause" at a credit union, I would not be able to re-affirm my car. Am I understanding correctly?
I am planning to file chapter 7 in December 2009 or January 2010.
Should I pay off the car loan NOW to keep my car, and then file BK to discharge CC debt later? Or Credit Union never release the car title until I pay off all the Credit Card Debts as well?
When I found about "Cross Collateral Clause", I almost fell on the ground!
Is there any way to re-affirm the car through BK? I would make $5k to pay off the car loan before BK but I am not sure if they release the title until I pay off the CC debts.
BTW, will it apply another car loan with Chase Auto Finance? (I have a CC debt with Chase Credit Card - I want to re-affirm the second car as well)
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