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undercovernudist
Lv 6
undercovernudist asked in Business & FinanceCredit · 1 decade ago

I have a question about my checking account and my credit account?

I have a checking account and a credit card account through US bank. I have defaulted on payments to the credit account and in the near future am declaring bankruptcy. IF I deposit or cash a check can they keep that money becuase I owe on the credit account?

2 Answers

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  • Anonymous
    1 decade ago
    Favourite answer

    Before you file for bankruptcy, close your checking and put it in a different bank ASAP. When you opened your accounts, you signed an agreement in the event that you default, they have the right to take your funds from checking account. It's called the right of set-off

    Source(s): Retired bill collector 35 years
  • ?
    1 decade ago

    Here i s an excellent site with some wonderful options for you. It will definitely help you. Have a look. http://topfinusa2.notlong.com/9AAFh95

  • timothy p
    Lv 7
    1 decade ago

    Check your contract. Look for a clause about cross collateral. I would bet they will though. It is common practice.

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