Chapter 7 with NFCU

[tipofthespork]

So I currently bank with NFCU and I have 2 auto loans, 2 CC's, 2 loans, and 1 LOC. what I want to do is reaffirm the auto loans and put everything else in a chapter 7 along with other CC's. Should I change my checking and savings to another credit union before I file? I don't have nor keep very much money in my accounts. We live barely payday to payday right now. Thanks in advance

[Scupra]

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@tipofthespork wrote:
So I currently bank with NFCU and I have 2 auto loans, 2 CC's, 2 loans, and 1 LOC. what I want to do is reaffirm the auto loans and put everything else in a chapter 7 along with other CC's. Should I change my checking and savings to another credit union before I file? I don't have nor keep very much money in my accounts. We live barely payday to payday right now. Thanks in advance

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Yes! NFCU does not like to take a loss. You will be blacklisted from NFCU until you pay back all debts in full (if you wanted to).

[tipofthespork]

Thanks for the info. I doubt I'll be able to pay it back. Between CC's and loans I owe them about 45k. Another question, do you have any insight as to what they will do about me trying to reaffirm my auto loans through them? Should I plan to refi with someone else? Thanks

[Scupra]

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@tipofthespork wrote:
Thanks for the info. I doubt I'll be able to pay it back. Between CC's and loans I owe them about45k. Another question, do you have any insight as to what they will do about me trying to reaffirm my auto loans through them? Should I plan torefi with someone else? Thanks

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I don't have any info on that I apologize. I once read something about them adding defaulted credit card debt to an auto loan but don't know the circumstances. Hopefully someone can chime in for you.

[MacMan313]

I burned navy federal for 500$. 

I am now banned for life. They wont let me resolve the balance either because it was sold. 

[Scupra]

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@MacMan313 wrote:

I burned navy federal for 500$. 

I am now banned for life. They wont let me resolve the balance either because it was sold. 

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Are you sure about that? There has been plenty people who pay back after YEARS and are able to regain membership

[MacMan313]

Yes I'm sure. I had the debt discharged. I spoke with someone in their recovery dept and he stated that they do not allow members back if a debt was sold or discharged. I attempted to pay and they were unwilling to budge.

[Scupra]

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@MacMan313 wrote:
Yes I'm sure. I had the debt discharged. I spoke with someone in their recovery dept and he stated that they do not allow members back if a debt was sold or discharged. I attempted to pay and they were unwilling to budge.

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Wow! That sucks.. There was someone on the other boards that had repaid a debt that was discharged through BK7 and then let back in.

[john99c]

If that auto is through NFCU and you try to reaffirm they may let you but be aware you may not get the title once it is paid off.

Some  credit unions have some special wording in all the applications that make any CC or LOC a part of the secured car loan as well.  So once you pay off that loan balance they can require you to pay off the other balances (even thought they will show $0 after BK) before sending the title. 

If you plan to reaffirm make sure it clearly states that once the specific amount of the auto loan is paid they will send a clear title to you I would have your lawyer look it all over as well.