Need credit union advice please

[keepinitreal]

This website is wonderful! So informative!

I was laid off 7 months ago. Haven't found a job yet, but on unemployment. My wife works full-time.

I have a car loan with my credit union from before I was laid off, with my wife as a co-signer.

I also have an unsecured line of credit with my credit union.

My wife has only checking and savings with this credit union.
My wife is also listed on my son's savings and checking accounts with this credit union.

If I don't find a job and eventually need to file for bankruptcy individually, what would you suggest we do now to make sure my wife and son's accounts cannot be touched by the credit union because of my debts?

Thanks!

[AngelinaCat]

If I don't find a job and eventually need to file for bankruptcy individually, what would you suggest we do now to make sure my wife and son's accounts cannot be touched by the credit union because of my debts? Thanks!

Your wife and son will need to move their accounts. You probably will too, as more than likely, unless you reaffirm your loans, the CU will close your accounts upon learning of your filing.

[ccfriend]

I filed a year ago. At my credit union I had a Visa, car loan, joint checking and savings with my husband, each of my sons had an account and then my husband had another savings account in his own name.
When I filed bk only I filed...my husband did not. Here is what happened with our accounts......
Visa: Put in the BK
Auto Loan: Paying outside the plan
Joint Checking Account: They froze it but let me take the money out and eventually closed that account
Joint Savings account: Still Open but only with the min. of $5
Boys' accounts: Still open with all their money safe and sound collecting interest
Husbands own account: Still open and working fine.

Best Wishes!

[keepinitreal]

Thanks everyone!

[Snickers]

A lot depends on whether you stop paying on your loans to the CU.

If you stop paying, the CU has the right to grab the payment out of any account that has your wife's name attached.

If you stay current until BK, you might be OK...but I would be really leery about leaving any appreciable amount of money in those accounts. Since you have time, it would be good to think about moving them out of the CU.

And when you look for a new bank, be sure to choose one with which you have NO financial dealings (i.e. credit cards or loans).

[andy158]

Included an unsecured Visa in my bk from my cu. Also have checking and savings for both wife and myself. Got a statement saying the account was closed and written off due to chapter 7 bk and I filed 13! No problems with remaining accounts. Still active and using them. Have been a member for 30+ years. Visa balance was $1,303. This cu just bought 1/2 of a city block next to them and remodeled existing buildings to make it their central office! Somebody is making money and it isn't me!