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Bank accountsYou can generally keep both your checking and savings account when you file for bankruptcy. However, if you also have a loan with the bank and you intend to discharge it, then the bank will close your account. For example, say you have a savings account with your credit union. You also have a signature loan with the credit union. If you file for Chapter 7 Bankruptcy and do not reaffirm (sign an agreement that you will keep account and continue to pay under original terms) this loan, the credit union will be losing money, so they will no longer provide services to you.

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Chap. 7 gives you several options when you deal with your cash accounts. Roughly speaking, you can keep $4,000. Any more than that will be taken by the court to pay your bills.

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11y ago

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