Are they required to send this back to me as they said in their letter? 5 Answers as of September 01, 2017

I have a voluntary payroll deduction to my credit union. The money is split between three accounts - a savings, a club, and a loan. My attorney sent me a check and letter from my Credit Union which stated they were returning the money to comply with Bankruptcy law. It's everything that's been deposited or paid from as far back as three months prior to my bankruptcy. I wanted to keep paying this loan and stay in good with the CU so I could continue to borrow in the future. My attorney said I had to include the loan in my bankruptcy but could sign a reaffirmation later if I really wanted to repay the loan. I filed Chapter 7 if that makes a difference.

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Richard B. Jacobson & Associates, LLC | Richard B. Jacobson
Why are you asking this question. You have a lawyer, to whom you no doubt paid good money. And it sounds like he is giving you sound advice.
Answer Applies to: Wisconsin
Replied: 9/1/2017
A Fresh Start
A Fresh Start | Dorothy G Bunce
Unfortunately, you failed to tell us what the loan was for. If it was a vehicle loan, reaffirming should not be a problem. If the loan was not secured by any property, what you are suggesting is not a likely option in chapter 7 bankruptcy.
Answer Applies to: Nevada
Replied: 8/31/2017
Law Office of Kimberly Fives | Kimberly Fives
Answer Applies to: California
Replied: 8/31/2017
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
Your lawyer is correct the the CU had to be listed. The lawyer is incorrect in that you can not reaffirm it later. The code does not provide for that.
Answer Applies to: California
Replied: 8/31/2017
Ronald K. Nims LLC | Ronald K. Nims
Yes, it makes a difference if it's Chapter 7 because reaffirmation only applies to Chapter 7. If the credit union's loan is secured by collateral (a car or furniture, etc.) you can reaffirm on the loan which means it's treated as if no bankruptcy occurred. If the credit union's loan is unsecured, then reaffirming isn't an option, absent unusual circumstances (for instance, payment is required by a divorce decree and it's non-dischargeable), you can't reaffirm an unsecured debt.
Answer Applies to: Ohio
Replied: 8/31/2017
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