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Ready to file BK - Penfed Question

Regular Contributor

Ready to file BK - Penfed Question

Hello Everyone,


It has been awhile since i have been on these forums.


Long story short, I got engaged back in Sept. 2016, then in the beginning of Jan. 2017, my fiance' had lost his good paying job as a Facilities Manager making $65K a year to $13/hr as in maintentance. We got married last year but within the year of 2017, I resulted in CC debt because I had to pay his bills, my bills and our wedding. 


Anyhow, towards the end of 2017, i decided to do a debt consolidation with Freedom Debt Relief but Jan of this year i just still could not pay it and stopped the debt consildation. 


He is finally back on his feet with a good paying job as an Electrician but now I make $65K a year. My lawyer did my income test and I qualify for Ch.13. However, since i am going to give birth next month, he said that will change everything.


So regardless if I do BK 7 or BK13, I have to do it but my actual question is because I have joined PenFed back in 2016 and just opened their savings account to become a member, I decided to open a checking account with them and start using them as my primary. To my shock they also approved my for their checkling line of credit.


If I file, will that trigger PenFed and close my account? Note, i do not have any other products with them but the recent approval for their checking line of credit and my husband is not filing. He only has one CC under his name with our local credit union for $500.


Sorry if I do not make any sense lol - i'm so flustered


As of 08/24/16: EQ: 650 | TU: 677 | EX: 661
Message 1 of 2
Valued Member

Re: Ready to file BK - Penfed Question

First off, congratulations on your incoming new born. They are a blessing.

Sorry to hear about your financial situation. I'm in a similar boot and I know the feeling of frustration. My own opinion is that you shouldn't worry about credit at all. Just worry about ridding yourself of any and all debt. Your credit can be rebuilt even though the process might suck a little bit. My understanding is that you can reaffirm certain debt and it likely won't be closed. But they won't extend further credit after that. If you catch my drift.

Discover More:12,5k
Bank of America 1,2,3 8500
Amex Delta Gold: 1000
Chase Freedom: 3500 Gardening til Jan 2017
Message 2 of 2
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