Wells Fargo is Freezing ALL accounts for Chapter 7 Debtors

When specific institutions (such as Wells Fargo and Union Bank) implement policies to freeze the debtor’s bank accounts upon the Chapter 7 filing. Is the Money in Your Bank Account Protected by an Exemption? In Chapter 7 bankruptcy, the bankruptcy trustee is tasked with taking over all nonexempt assets and selling them in order to repay as much of your outstanding debt as possible.

The debtors filed for Chapter 7 bankruptcy in August 2009. They held four accounts at Wells Fargo Bank at the time with a total balance of about $17,000, which they did not claim as exempt in their original Schedule C. Wells Fargo runs an automated computer program that compares the names of new Chapter 7 cases to those of account holders.

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Wells Fargo, again, is the only bank I know of, that apparently monitors the entire united states bankruptcy system, and will freeze any account that it deems as part of a bankruptcy case, even if you don’t owe them any money, even if they get no notice of the bankruptcy filing. There is a system called: "The Pacer System", and you know, I’m.

Although Wells Fargo appears to be the only bank freezing chapter 7 debtor’s bank accounts, other banks may follow suit. Accordingly, it is incumbent upon chapter 7 debtor’s attorneys to explain to their clients the potential risks that their accounts may be frozen for a period of time following the filing of their bankruptcy.

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The learn about what you can do about high credit card debt, read below. I like to think of bankruptcy as a last resort. For some, it’s the right option. In a Chapter 7 bankruptcy your. with banks.

The company said it was filing for Chapter 7 after consuming all resources and finding that. dispute in September 2007 when he approved Wells Fargo’s motion, finding it in the “best interest of the.

In January 2017, Bruce and his wife, Diane, filed for Chapter 7 bankruptcy protection in St. Louis. The bankruptcy was discharged in April 2017. Wells Fargo Bank foreclosed on the couple’s home in.

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The closure follows a dramatic month, which began when THR published an extensive investigative story Aug. 7 about the rehab center. at one point resulting in the freezing of a Wells Fargo bank.