Can bankruptcy open safety deposit box?

 

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Jan Meriss Alfonso
Assistant at Ascent Law LLC

Can bankruptcy open a safety deposit box?

If you're ever in the position of considering bankruptcy, you may be at risk of losing access to your safety deposit box. A safety deposit box is a secure place where you can keep your valuables (e.g. passports, birth certificates, etc.) in the event that you lose access to your bank account or home.

Bankruptcy

Bankruptcy means that you're temporarily losing access to your assets and therefore any physical possessions in your possession or property in which you have a legal interest. So, if you're wondering whether bankruptcy could open a safety deposit box, the answer is yes—but only temporarily.

Safety deposit boxes

Safety deposit boxes are common perks offered by banks and credit unions alike. Because they are a secure place for people to keep their valuables, they fall under the same category as assets such as automobiles or homes. Therefore, when filing for Chapter 7 bankruptcy protection, those filing must give up all assets (including property), which include safety deposit boxes.

Chapter 7 bankruptcy

However, after a discharge has been issued from Chapter 7 bankruptcy, a person can once again obtain access to their safety deposit box. Although it will have been emptied during the time of discharge, one can then fill it with whatever items they'd like once more.

Bankruptcy can sometimes open up a safety deposit box

During bankruptcy, you have to list all of your assets, including any safety deposit box you might have. If the bank is not going to use the contents of that box as collateral against a loan, then that box will likely be returned to you.

If the bank does plan on using it for collateral

you may lose access to that safe deposit box until your bankruptcy proceeding is over. It's a good idea to check before you fill out your bankruptcy petition and list any boxes that might be important to you so that you can ensure that they're returned to you when your case is finished.

If you have any questions, you can get a free consultation with the Best Attorneys in Utah.

Ascent Law LLC:

8833 South Redwood RoadSuite C

West Jordan, UT 84088

(801) 676-5506

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