Hello-

I filed chapter 13 about 8 months ago and at that time I had a secured
credit card with Providian in which I owed them $700. However, since it was
secured, I had with them a savings account that had $875 in it (the $175 was
interest on the $700 accumulated over years). So as you can see, they owed
me more than I owed them.

I continue to receive statements for this "savings" account and it says I
have $875 in it so the other day I wrote to them and asked them to close the
account immediately.

The question is, will they close it, and, if they do, what happens to the
money in it?

The likely outcome is that they will take the $700 and send you a check for
the balance. It is also possible they will claims additional fees and costs
and keep the whole thing, say they can't refund the account to you while the
charge account is in bankruptcy, or send you a check for the full $875.

I've seen all this happen in various cases.

--

Brett

************************************************** ***************
* Personal Injury/Malpractice Bankruptcy *
* *
* BRETT WEISS, P.C. *
* Attorneys at Law *
* Maryland, D.C. and Federal Bars *
* lawyer@brettweiss.com *
* http://www.brettweiss.com *
* *
* Small Business Estates & Estate Planning *
************************************************** ***************

The Small Print: This response is for discussion purposes only. It isn't
meant to be legal advice and you shouldn't treat it as such. If you want
legal advice, speak with a local lawyer familiar with your state's laws who
can review *all* of the facts and the law applicable to your situation.
************************************************** ***************

"AbbyG" <abby-g@pacbell.net> wrote in message
news:4AoRb.6594$oc3.5014@newssvr29.news.prodigy.co m... Hello- I filed chapter 13 about 8 months ago and at that time I had a secured credit card with Providian in which I owed them $700. However, since it
was secured, I had with them a savings account that had $875 in it (the $175
was interest on the $700 accumulated over years). So as you can see, they owed me more than I owed them. I continue to receive statements for this "savings" account and it says I have $875 in it so the other day I wrote to them and asked them to close
the account immediately. The question is, will they close it, and, if they do, what happens to the money in it?

"Brett Weiss" <lawyer@erols.com> wrote in message
news:GPKdnclUEsb4DIvd4p2dnA@comcast.com...

The likely outcome is that they will take the $700 and send you a check for
the balance.
It is also possible they will claims additional fees and costs and keep the
whole thing,
[[[Hmmm... what "fees" can they legally charge?]]]]

say they can't refund the account to you while the charge account is in
bankruptcy,
[[[And at what point do they consider the account OUT of bankruptcy if they
hold it for that reason?]]]


Thanks Brett-

Abby

> The likely outcome is that they will take the $700 and send you a check
for the balance. It is also possible they will claims additional fees and costs and keep
the whole thing, [[[Hmmm... what "fees" can they legally charge?]]]]

I'm sure that the cardholder agreement provides for sufficient fees. <g>
say they can't refund the account to you while the charge account is in bankruptcy, [[[And at what point do they consider the account OUT of bankruptcy if
they hold it for that reason?]]]

Once you receive your discharge.

--

Brett

************************************************** ***************
* Personal Injury/Malpractice Bankruptcy *
* *
* BRETT WEISS, P.C. *
* Attorneys at Law *
* Maryland, D.C. and Federal Bars *
* lawyer@brettweiss.com *
* http://www.brettweiss.com *
* *
* Small Business Estates & Estate Planning *
************************************************** ***************

The Small Print: This response is for discussion purposes only. It isn't
meant to be legal advice and you shouldn't treat it as such. If you want
legal advice, speak with a local lawyer familiar with your state's laws who
can review *all* of the facts and the law applicable to your situation.
************************************************** ***************