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If a member files Chapter 7 and wishes to repay all Delta Community loans on their account by legal reaffirmation, the member can maintain credit union services, including potentially qualifying for future credit. In addition to standard underwriting requirements (including creditworthiness and income requirements), there is generally a waiting period for obtaining future credit following a Chapter 7 bankruptcy as follows:
Secured Loans - A member may generally be eligible for collateral loans (such as automobiles, boats, secured Visa, etc.) 12 months from the Chapter 7 discharge date .
Unsecured Loans - A member may generally be eligible for unsecured loans such as a personal advance loan, personal line of credit, Visa, etc. 36 months from the Chapter 7 discharge date.
Mortgages - A member may generally be eligible for a mortgage loan four years after the Chapter 7 discharge date. In addition to the waiting period, the individual must have made an effort to improve creditworthiness.
If the credit union suffers a loan loss on an account, the member loses all credit union services. Suspension of services may include, but is not limited to, closing Checking Accounts, being removed as a joint owner from other Delta Community deposit accounts, revoking Courtesy Pay privileges, , direct deposit, check cashing privileges, Self Service IVR, and co-op shared branch transactions, cancellation of ATM/debit card. Any open lines of credit including overdraft protection, personal line of credit, home equity and Visa will be closed. The member's account will be closed and the member will ultimately be expelled from the credit union.
For additional information regarding a bankruptcy action please contact our Bankruptcy Department at 404-677-8626 Option 1.
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