I have heard that banks will do things like hold the title of cars, even if the car loan is paid, on individuals who have credit cards discharged in bankruptcy.
We have our checking accounts (1 for household finances, 1 each for management of expenses for cars and day to day) at the same bank that holds the 1st and HELOC on our slightly underwater house.
Our income has been sharply curtailed (career change for him after long unemployment and now sudden unemployment for me after a steep pay cut a year ago) and we'd already exhausted any cash reserves years ago. Unless a miracle happens and I find a job at my old salary from before the paycut, bankruptcy and perhaps even surrendering the home is likely. Waiting on a HAMP modification without much hope, right now.
We stopped paying on credit cards ages ago, could never save up anything. We missed the August 1, and Sept 1 mortgage and HELOC payments, and I need that money to pay an attorney. Will they just take it from the checking account to satisfy the mortgage when they start processing whatever it is they are processing in there?
Should I open a new checking account somewhere else, and what are the criteria for selecting a new bank (besides, conveniently around the corner and not associated with any of my defaulted credit cards?)
We have our checking accounts (1 for household finances, 1 each for management of expenses for cars and day to day) at the same bank that holds the 1st and HELOC on our slightly underwater house.
Our income has been sharply curtailed (career change for him after long unemployment and now sudden unemployment for me after a steep pay cut a year ago) and we'd already exhausted any cash reserves years ago. Unless a miracle happens and I find a job at my old salary from before the paycut, bankruptcy and perhaps even surrendering the home is likely. Waiting on a HAMP modification without much hope, right now.
We stopped paying on credit cards ages ago, could never save up anything. We missed the August 1, and Sept 1 mortgage and HELOC payments, and I need that money to pay an attorney. Will they just take it from the checking account to satisfy the mortgage when they start processing whatever it is they are processing in there?
Should I open a new checking account somewhere else, and what are the criteria for selecting a new bank (besides, conveniently around the corner and not associated with any of my defaulted credit cards?)
) Stopped paying creditors: Aug 2010 Filed Chap 7: Apr 29, 2011 341: Jun 1, 2011 Report of no distribution: Jun 1, 2011 Discharged Aug 2, 2011 
Closed November 2010
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