@Anonymous wrote:
I also had a car loan that I let go in the bk, from a local credit union. Still had a savings "membership" account with them that I used for a while, until someone from their back office called me about 6 months after discharge and said "I'm not allowed to ask you to pay the discharged amount left over after we sold your car, but if you don't pay it you can never do buisness with us again, until you do" then closed my account and took what little money was in it.
Yes, if you're about to file bankruptcy against a bank you have deposit accounts with, you need to get the money out and close the account beforehand. Preferably before you even start missing payments on the loan.
Otherwise, they can take money in the account to satisfy however much they can of what they lost on the loan.
When I was talking to an immigration lawyer about my husband last year, he said "No problem. Chase will open a bank account with an immigrant." when I mentioned I was having trouble with Ally, who wouldn't.
I said, "Well, my finances aren't looking so good and I owe Chase a lot of money. I probably shouldn't open a deposit account there.".
That was before I knew that they could drain your bank account if you defaulted and/or filed bankruptcy. It just seemed logical that if you owe a bank a lot of money, you shouldn't keep your money in that bank.
Once your money is somewhere outside their direct control, they're just another bankruptcy creditor that gets whatever they get.
