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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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I had a secured credit card through a bank. The balance was

Resolved Question:

I had a secured credit card through a bank. The balance was included in my Ch 13. Am I entitled to recover the deposit ?
Submitted: 3 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 3 years ago.

cfortunato :

Hi JACustomer,

cfortunato :

Is the balance owed more or less than the deposit that is securing the credit card?

cfortunato :

If the balance owed is less than the deposit, what is the difference between the 2 amounts?

Customer: replied 3 years ago.
about equal
Expert:  cfortunato replied 3 years ago.
Thank you for your response.

Since the credit card is completely secured, the bank is entitled to receive the entire amount due them. Once this amount is paid, your deposit would become part of your Bankruptcy estate.
This means you would be able to get the deposit back if you are able to apply an exemption to the deposit, and/or if your unsecured creditors are paid at least the amount of the deposit.

I think this is what you wanted to know. If not, please let me know. Thank you.
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