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If a loan from a credit union has been discharged in bankruptcy court, that credit union cannot collect and must write the loan off.
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∙ 13y ago
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Can a debtor be discharged from a credit union loan which he took out to pay his taxes?
"Discharge" applies to a debt being wiped out by the bankruptcy court. If all the requirements are met and approved by a bankruptcy judge, then yes, a debtor's obligation can be discharged. If the debtor does not file or qualify to be granted a bankruptcy, then No, his debt will not be discharged, or forgiven. It needs to be paid.
What if you filed for chapter 7 then your car that you owes from a credit union was totaled and you buy it back from them will the court dismiss your line of credit with that credit union?
No. You probably didn't include the car loan in the bankruptcy (if you did you wouldn't have the car anymore). If debt wasn't included in the bankruptcy you still owe it. Was the car insured? Usually if there's a loan on it the loan holder requires full coverage insurance. I'm not sure what the line of credit has to do with the car.... but if that line of credit account number was included in the bankruptcy it will/was discharged.
Are you still a member of the navy federal credit union?
was discharged in 1969 was a member of San Diego naval credit union and not sure if i closed account.
What will your credit score be after bankruptcy is discharged?
It depends on what your credit score was before your filed bankruptcy. If your credit score was low before your filed bankruptcy, then after your bankruptcy is discharged, if you send a copy of your Schedules and Discharges records to all three credit bureaus; Trans Union, Experian and Equifax and ask them to zero out all the past due balances now that you do not owe them anymore then your credit score will more than likely be higher than before you filed. Also, your bankruptcy filing is picked up under the Public Records section of your credit report, however, after 12 months the scoring models do not pick up the bankruptcy anymore so it does not effect your score. It is visible on your report for 10 years after a chapter 7 and 7 years after a chapter 13, but not in your score. It is a good idea to open up an account after your bankruptcy discharges so your scores will continue to go up. If you open a credit card, just make sure you do not go over 30% of the limit, and pay it off every month. You can go to http://www.bankruptcy-records.us/Credit_Restoration.html for step by step instructions on how to handle your credit after a bankruptcy.
If a car loan was reaffirmed with notes current in a Chapter 7 can a credit union force a debtor to get other financing for the vehicle loan and then also force her to close her checking acct?
Credit unions have an unusual tool in their arsenals that's perfectly legal: They can revoke your membership (and ban you from rejoining) if you have ever "caused a loss" to the credit union--including discharging ANY debt owed to the credit union at ANY time. If she had another loan (NOT the car note) from the credit union before bankruptcy that was discharged, that's legal. If the car note was her ONLY debt to the credit union, it's probably improper; but I expect you'll need a lawyer to fight it.
Can you refinance a vehicle not included in a bankruptcy but owned by a credit union that had another account discharged?
If the vehicle is owned by someone else (the credit union) then it is not yours to raise finance on.
Can a debtor be discharged from a credit union loan which he took out to pay his taxes?
"Discharge" applies to a debt being wiped out by the bankruptcy court. If all the requirements are met and approved by a bankruptcy judge, then yes, a debtor's obligation can be discharged. If the debtor does not file or qualify to be granted a bankruptcy, then No, his debt will not be discharged, or forgiven. It needs to be paid.
What if you filed for chapter 7 then your car that you owes from a credit union was totaled and you buy it back from them will the court dismiss your line of credit with that credit union?
No. You probably didn't include the car loan in the bankruptcy (if you did you wouldn't have the car anymore). If debt wasn't included in the bankruptcy you still owe it. Was the car insured? Usually if there's a loan on it the loan holder requires full coverage insurance. I'm not sure what the line of credit has to do with the car.... but if that line of credit account number was included in the bankruptcy it will/was discharged.
Are you still a member of the navy federal credit union?
was discharged in 1969 was a member of San Diego naval credit union and not sure if i closed account.
What will your credit score be after bankruptcy is discharged?
It depends on what your credit score was before your filed bankruptcy. If your credit score was low before your filed bankruptcy, then after your bankruptcy is discharged, if you send a copy of your Schedules and Discharges records to all three credit bureaus; Trans Union, Experian and Equifax and ask them to zero out all the past due balances now that you do not owe them anymore then your credit score will more than likely be higher than before you filed. Also, your bankruptcy filing is picked up under the Public Records section of your credit report, however, after 12 months the scoring models do not pick up the bankruptcy anymore so it does not effect your score. It is visible on your report for 10 years after a chapter 7 and 7 years after a chapter 13, but not in your score. It is a good idea to open up an account after your bankruptcy discharges so your scores will continue to go up. If you open a credit card, just make sure you do not go over 30% of the limit, and pay it off every month. You can go to http://www.bankruptcy-records.us/Credit_Restoration.html for step by step instructions on how to handle your credit after a bankruptcy.
If a car loan was reaffirmed with notes current in a Chapter 7 can a credit union force a debtor to get other financing for the vehicle loan and then also force her to close her checking acct?
Credit unions have an unusual tool in their arsenals that's perfectly legal: They can revoke your membership (and ban you from rejoining) if you have ever "caused a loss" to the credit union--including discharging ANY debt owed to the credit union at ANY time. If she had another loan (NOT the car note) from the credit union before bankruptcy that was discharged, that's legal. If the car note was her ONLY debt to the credit union, it's probably improper; but I expect you'll need a lawyer to fight it.
What should you do if you filed Chapter 13 and a judgment that was included is not showing up as released on your credit statement?
If a judgment is not listed as "discharged in bankruptcy" on one's credit report after bankruptcy, one can make a written request to the three national credit reporting agencies to reinvestigate your report and list it as discharged (they normally need proof of the bankruptcy filing, such as a copy of the Notice of Bankruptcy or at least the Discharge). (See Fair Credit Reporting Act Section 611(a)(1)(A)). One can contact them at: Trans Union Corporation ATTN: Public Records Department 555 West Adams Street Chicago, IL 60661 Experian Profile Management P.O. Box 9558 Allen, TX 75013 Equifax P.O. Box 144717 Orlando, FL 32814 Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person. Visit RossLawOffice.com for more information about bankruptcy.
You have two auto loans with a credit union and wanted to discharge one through bankruptcy and reaffirm on the other but the credit union says no Is this possible?
I work at a credit union, and there is no reason you cannot re-affirm that 2nd loan, I would tell you to contact, the borad in writing and explain your reasons to file and why only on one.
What services are offered by the Pioneer Federal Credit Union?
One of their benefits that really strikes me is that they will help you with pretty much everything. From family budgeting to avoiding bankruptcy and foreclosure.
Can a credit union keep my car title due to my filing bankruptcy on a credit card I had with them also?
You financed the car through the credit union, huh? I can't think of any other reason why they would have the title. They will probably repossess the car. They want to sell the car to get back some of the money you owe.
What are the consequences of declaring bankruptcy?
A discharge in bankruptcy means all your unsecured debts are discharged and your secured debts have either been reaffirmed or the collateral has been surrendered and the remaining balance has been discharged. So you get a "fresh start" financially. Your credit score lowers a bit, but if you had to file for bankruptcy, your score was probably low anyway. It starts going up, finally. The discharged debtor may find it difficult for a while to get a job involving handling money. It may be difficult to get a new apartment or buy a house until you have increased your credit score enough to qualify. You will get offers for a new credit card. Read them carefully. Check the card issuer out carefully at Consumer Reports and get the lowest interest rate available and a low card limit ($300 to $500). Use it, never going even close to the limit, and pay the balance in full before the due date. You will be able to buy a car, but at a high interest rate. Make sure the lender you use (a local credit union is best) will allow you to lower your interest rate if your payments are made on time.
When was The Union Credit Union created?
The Union Credit Union was created in 1968.
