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    #1

    Question Credit Union Question

    I have a car loan that is financed through my credit union along with a furlough loan and a credit card. The car and furlough loan will be paid off in about 9 months. I plan to file before then and include the credit card. Will I have to include the car and furlough loan in my bankruptcy and if so, will I be able to keep my car.

    Does anyone know what the procedure is for a credit union? Could ask the credit union, but I am scared of what they will say.

    Any help would be appreciated. Love this place.

    Thank you.
    Tags: None
    #2
    Originally posted by neicy08 View Post
    I have a car loan that is financed through my credit union along with a furlough loan and a credit card. The car and furlough loan will be paid off in about 9 months. I plan to file before then and include the credit card. Will I have to include the car and furlough loan in my bankruptcy and if so, will I be able to keep my car.

    Does anyone know what the procedure is for a credit union? Could ask the credit union, but I am scared of what they will say.

    Any help would be appreciated. Love this place.

    Thank you.
    Credit unions are notorious for cross collateralization. (Meaning, if you don't pay on your credit card they can take your car). If you can, it would be wise to hold off on filing until your car is paid off, or look into refinancing your car elsewhere for the short term. We don't know if your credit union will be one of the stinkers that will hold your feet to the fire, but if you can be proactive you can save yourself alot of grief.
    Filed Chapter 13 02/2006 - Confirmed 05/2006 - Discharged 09/2011
    I'm not an attorney. My replies are merely suggestions or observations, not legal advice. As always, consult with an attorney before making any decisions.

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      #3
      Pull out the paperwork you signed when you opened the account and see if they contain cross-collateralization clauses.

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        #4
        our credit union is an all or nothing. we owed about a year on our car and i had a line of credit and a credit card with them. they wont reaffirm on 1 unless i do the others. i tried to get a loan from another bank in town, but that didnt work out. i ended up having to finance another car that i will reaffirm on when we file.

        Comment

          #5
          Thank you all for your replies. Greatly appreciated.

          Comment

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