One of my relatives died in June and he left behind huge amounts of debt. Well, he had a checking account at Bank of America and a Visa account with Bank of America.
Guess what happened?
After missing two months of payments on the Visa account, the entire balance of his checking account was seized. They called it a "Counter Debit" and it took the entire amount in his checking account. Over $34,000 vanished! Poof! Gone!
They didn't need a judgment. They didn't give any warning at all.
It could happen to you.
So, if you insist on keeping a checking account, make sure it is at a completely different bank than your defaulted credit cards.
Guess what happened?
After missing two months of payments on the Visa account, the entire balance of his checking account was seized. They called it a "Counter Debit" and it took the entire amount in his checking account. Over $34,000 vanished! Poof! Gone!
They didn't need a judgment. They didn't give any warning at all.
It could happen to you.
So, if you insist on keeping a checking account, make sure it is at a completely different bank than your defaulted credit cards.
Bankruptcy Wizard
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