If you ever find yourself with credit problems, your credit union is a good place to go to seek help. Contact CSE's Loan Collection Department or phone Kurt Schultz at 337-625-5747 (ext. 5732) when you are having trouble meeting your monthly commitment to the credit union.  It is possible that an arrangement can be made which will help you before your loan becomes seriously past due.  We are here to help you.

Don't Rush into Bankruptcy.....

When never ending debts and bills cause headaches and sleepless nights, many people believe that bankruptcy is the only solution.  Consumer debt is at an all time high and record numbers of consumers are filing for bankruptcy.  While we do not recommend bankruptcy to any member, the fact is some bankruptcies are inevitable. 

There are 3 major factors for bankruptcy: divorce, medical bills, and easy access to credit.  Filing for bankruptcy can be a big mistake.  Many people who declare bankruptcy end up wishing they hadn’t.  They find out the hard way that bankruptcy effects your credit record because it stays on your credit report for up to ten years.

When applying for future credit you’ll have a tougher time qualifying.  This especially hurts when applying for home mortgages.  Certain debts are not usually erased by bankruptcy.  These may include child support, alimony, fines, taxes, and all student loan obligations.  In addition, bankruptcy does not allow you to keep property when creditors have a secured lien on it, like a home, or vehicle.

Maintaining a source of borrowed money is very important.  If a member files bankruptcy and reaffirms his/her debt with the credit union, thereby continuing to make payments on loans, they would remain a member in good standing and would possibly be eligible to be considered for a loan if no bankruptcy had occurred.

While we do not offer legal advice to our members, we do want you to know what can occur in bankruptcy.  If you are considering bankruptcy and have loans at the credit union, please call us so we can assess your situation and try to help. 

Bankruptcies ultimately cost all of us in the form of rising credit cost, but because credit unions are member-owned cooperatives, a loss due to a member bankruptcy affects all members.  Don’t wait until you are in serious trouble, consider talking to us.  We may be able to help you or refer you to someone who can.