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  1. #1
    Join Date
    Dec 2011
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    6

    Default How to Report Set-Offs by Banks When Declaring Bankruptcy

    My question involves bankruptcy in the state of: Alaska

    My bankruptcy form 107 -Statement of Financial affairs for individuals filing for bankruptcy:

    11. Within 90 days before you filed for bankruptcy, did any creditor, including a bank or financial institution, set off any amounts from your accounts or refuse to make a payment because you owed a debt?

    What does that question 11 mean? what is setting off an amount mean?

    Thanks

  2. #2
    Join Date
    Sep 2005
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    Behind a Desk
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    98,846

    Default Re: How to Report Set-Offs by Banks When Declaring Bankruptcy

    Let's say you have $500 in a bank account, and you owe a $400 car payment to the same bank. You miss the car payment. Your contracts with the bank may allow it to take the $400 out of your account to pay your car loan. That would be a set off.

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