Setting off Postpetition Secured Credit Card Deposit against
Posted: Fri Apr 06, 2012 6:32 pm
My client is in a 13 plan. He was offered a secured American Express card.
He wants to get it because of certain travel benefits it offers. The
trouble is that he is in a zero-percent plan and American Express is one of
his creditors, and I believe section 553 will permit a setoff of his
postpetition deposit against prepetition debt to American Express.
Is my analysis correct?
Alik Segal
Alik.Segal@gmail.com
310-362-6157
California Central District
My client is in a 13 plan. He was offered a secured American Express card. He wants to get it because of certain travel benefits it offers. The trouble is that he is in a zero-percent plan and American Express is one of his creditors, and I believe section 553 will permit a setoff of his postpetition deposit against prepetition debt to American Express.
Is my analysis correct?-- Alik SegalAlik.Segal@gmail.com310-362-6157California Central District
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