Overdrawn Bank Account in St. Louis

Overdrawn bank accounts can be taken care of in a St. Louis bankruptcy. This kind of debt is fairly common, but can cause many problems (especially with your credit score, or when you try to open a new bank account). But an experienced St. Louis bankruptcy attorney can get you out of this situation.

When you write checks or make withdrawals from a bank account thatdoes not have enough money to cover the expense, the bank will usually stillmake the transfer. But as a result, your account will become overdrawn,and an “insufficient funds” charge will be assessed against you. And iffunds continue to be drawn from the same account, then the insufficient fundsstatus only deepens. In addition, the bank will almost certainly apply afee for overdrawing the account.

Making matters worse, the bank willnot allow you to simply close the account. It will keep the account openso that they may continue to report the delinquency to the credit bureau.And the bank will also likely place an alert to other financial institutions,putting them on notice of your insufficient status. This in turn will makegetting another bank account very difficult.

With the filing of either a St. Louis Chapter 7 bankruptcy or a St. Louis Chapter 13 bankruptcy, those debts (along with all the rest of your unsecured debts) are discharged. This gives you a fresh start / clean slate in life, and a chance to rebuild your credit. The St. Louis bankruptcy lawyers at The Bankruptcy Company are experienced in dealing with these types of debts, and have discharged thousands and thousands in insufficient funds owed to various banks.

Call us at (314) 932-1067 or contact us through our website The Bankruptcy Company to set up your free consultation with our experienced St. Louis bankruptcy attorneys.