Can someone tell me what this means ...Do you or your spouse have a commitment to the

[BKHELP138]

Do you or your spouse have a commitment to the FDIC or another insurer to maintain the capital of federally insured bank or savings and loan institution .. what does this mean ?

[AngelinaCat]

Sorry, I do not understand the question. Please elaborate. Thanks.

[BKHELP138]

This statement was on one of the forms I gave to my attorney. It says Do you or your spouse have a commitment to the FDIC or another insurer to maintain the capital of federally insured bank or savings and loan institution Yes/No .. Im not sure what the question means. It is listed under unsecured lenders. Im lost and will ask my attorney tomorrow I was just hoping not have to call him.

[tobee43]

wow.....what a way to word a question....do you have any bank loans....i believe to be the question here.

most ALL banks are federally insured by the FDIC....so if your car loan is via a bank or credit union i believe that is what they are asking in a very round about indirect way.

they should have just asked you under unsecured lenders to list all outstanding loans......but i'm just speculating here and of course i would still speak with your atty's office.

is this question on your atty's questionnaire??

[tcreegan]

Hi tobee, it is a question on Schedule E, it is for people who are bankrolling a bank. You agree to keep the capital in the bank above the levels required by FDIC. This would almost never be an individual, especially one filing BK! It is used a lot in Ch 11 cases where one bank says they will prop up another and they don't or can't.

Tom in Colo

[tobee43]

Hi tobee, it is a question on Schedule E, it is for people who are bankrolling a bank. You agree to keep the capital in the bank above the levels required by FDIC. This would almost never be an individual, especially one filing BK! It is used a lot in Ch 11 cases where one bank says they will prop up another and they don't or can't.

Tom in Colo

ahhhh makes sense....however, out of context it's a bit confusing????

[tcreegan]

Its really odd that it is on a Ch 7 form, where it makes no sense at all.....

[tobee43]

Its really odd that it is on a Ch 7 form, where it makes no sense at all.....

maybe it's just the atty's questionaire and not the actual chapter 7 docs...because that question is certainly not on mine....

[HHM]

It is probably just a very comprehensive BK questionnaire. There are special rules in Chapter 7 BK for Banks or members of a bank and for stock brokers.