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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2815
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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I have filed chapter 7 bankruptcy. The Credit Union where

Resolved Question:

I have filed chapter 7 bankruptcy. The Credit Union where my checking and savings is has frozen the accounts and have $380.00, they say its because of the bankruptcy. Can they legally do that? They are listed as an unsecured debt.
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 7 years ago.
You are dealing with the rule setoff. The lender has the right to keep any asset that they are 'holding' , here your bank account, and apply that to the debt, even though it is in the bankruptcy case. You need to stop any further deposits or deductions at that bank.
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