How long b4 a Creditor levies bank account

[InOverHead]

Quick question.

I bank with Chase as well as have a 2k CC. I am about to miss my regularly scheduled monthly Minimum payment on that card. Things such as my MTG are auto-drafted from the banking account. My undersatnding is that they will see that i have money in the bank and take it after a certain amount of time not paying on that card.

Wondering if anyone has direct experience with Chase and this situation? I figure/assume i need to get a different account just want to get the time frames.

Thanks everyone!

[frogger]

In normal circumstances, they would have to sue you, obtain a judgment, and then get a fifa to seize your bank account. Your credit cards are not normally cross collateralized with your bank accounts, so they should not be able to just "take your money".

[disconapper]

From what I know, a credit card company can not just "take money" from you account unless you authorize it, nor will they have any sort of insight as to available balance and so forth. I think if you have only missed one payment, you really have nothing to do about.

Chase would first need to try and collect the debt from you via phone calls and mail. Then they might hire a collections company to do the same, after awhile they might serve you with a summons and try to get a judgment....after a judgment...they can garnish your wages and maybe your bank account. The collections process takes months...it took my Visa card 8 months to sue me....and my bankruptcy filing stopped them dead in their tracks.

Food, shelter and necessities are more important than a credit card payment...if funds are tight pay those first...

I wouldn't worry to much at this time. I'm sure others will chime in, I don't have any Chase accounts but I know credit card companies can't just take money...I'm sure there are exceptions but they are few and far between and I've never heard of them...

[InOverHead]

Good to know. Thanks both for your help. Guess i misunderstood what i had previously read and thought becuase it was the same place they would take the money. Yeah things are really tight so i have been saving the money i would have been sending the creditors to use towards paying my attorney.

Do you think i will need to close out the checking account before/after i file? I don't want "BANKRUPT" popping up everytime i have to look a teller in the eye...thinking i need to find a bank i don't owe money to and open an acct.

[disconapper]

Do you think i will need to close out the checking account before/after i file? I don't want "BANKRUPT" popping up everytime i have to look a teller in the eye...thinking i need to find a bank i don't owe money to and open an acct.

I don't think a bank teller would be privy to that information, although I'm not sure, and in the end, who cares if they know. You are making a business decision, let them pass judgment if they must.

I did the same, paid my attorney instead of other bills, it was time to file, so I had no choice.

Chase could freeze your account after you file since you are including a credit card from them in your filing. I'd ask your attorney or maybe someone else here knows. I know Wells Fargo freezes and most credit unions freeze accounts.

[frogger]

Do you think i will need to close out the checking account before/after i file? I don't want "BANKRUPT" popping up everytime i have to look a teller in the eye...thinking i need to find a bank i don't owe money to and open an acct.

You need to establish another bank account while you're still in good standing. Get it established now, before you file bk, and then remove your money from Chase and place in the new account. You really don't want anyone that had access to draft your account to be able to touch it anymore.

[sh9730]

I agree....do it now before you file. I banked with Chase with a card and mortgage, as well as a couple of auto-withdrawals to other creditors off the account, so I knew I was going to need to get a new account before filing. I moved to US Bank, and then after I filed, I realized I had a card from a US Bank affiliate (Elan Financial), so I was worried they might be cross-collaterilized, and decided to get yet ANOTHER account with a local bank that I had no affiliation with.

The new local bank opened the checking account, no problem, BUT would not give me a VISA logo ATM/DEBIT card since for that they pulled credit and the BK showed up. They told me if in a few months I dont have any overdrafts in the account they will likely reconsider, but for now Im relegated to writing CASH checks every week or so to have spending money.

So far US BANK has not frozen my account....I keep a little money in it just to keep it open as I may go back to them after this is all over.

Not to hijack, but does anyone know if after the BK is all done and the debt from that related credit card is all discharged, can they still cross collaterilize and freeze? I mean if after discharge I start having real money go back into an open US Bank account, can I feel comfortable they cant freeze?

[disconapper]

Not to hijack, but does anyone know if after the BK is all done and the debt from that related credit card is all discharged, can they still cross collaterilize and freeze? I mean if after discharge I start having real money go back into an open US Bank account, can I feel comfortable they cant freeze?

I would imagine you could feel comfortable since the debt would be discharged, otherwise what is the point of bankruptcy....but I'm making an assumption here...I'm not 100%

[sh9730]

Oh, also, just in case, if you need to get old bank statements from Chase, do it before you file as you will no longer have online access. They can charge a lot of money for old statements after the account it closed. Thankfully my local branch was nice and didnt charge me, and in the end during my BK I did not need them anyway, but....be safe rather than sorry.

[help4mydebts]

Quick question.

I bank with Chase as well as have a 2k CC. I am about to miss my regularly scheduled monthly Minimum payment on that card. Things such as my MTG are auto-drafted from the banking account. My undersatnding is that they will see that i have money in the bank and take it after a certain amount of time not paying on that card.

Wondering if anyone has direct experience with Chase and this situation? I figure/assume i need to get a different account just want to get the time frames.

Thanks everyone!

You might want to be careful...I have spoken with several different atty's and all of them have said that it is NOT a good idea to bank where you owe money...they CAN take money from your account without getting a judgement (only if you bank where you owe $). It is called "Right of Set Off". You should open an account at another bank asap and close out the Chase account.

[help4mydebts]

disconapper, if you don't mind me asking, did the creditor who attempted to sue you know ahead of time that you would be filing bk? Or did they find out after? (I am asking because I might be in a similar situation). Thanks!