Can bankruptcy open safety deposit box?
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 p...