Law Office of Timothy E. Wilfong, LLC

You Deserve a Fresh Start - Phoenixville, PA


Call us at 610-935-5555 for a Consultation

Helping Clients Since 2008


 
 
 
Law Office of Timothy E. Wilfong, LLC
20 S. Main Street, Phoenixville, PA 19460
 
 
What's wrong with having a credit card issued from my bank?
 
 


You Deserve a Fresh Start

What's wrong with having a credit card issued from my bank?

Having a credit card issued from a bank where you deposit your paycheck or have savings accounts or investments is a recipe for disaster.  At some banks, and especially Credit Unions, individuals may unwittingly sign what is called a cross-collateralization agreement.  
 
If a person doesn't pay his or her bank issued credit card or loan then the bank has permission to just take it out of their savings account. In other words, your savings account secures the credit card debt.  In many cases, the act of filing bankruptcy will trigger the cross-collateralization agreement.
 
If you are considering filing bankruptcy then please contact the Law Office of Timothy E. Wilfong, LLC at 610-935-5555 to review your options.