If you are considering bankruptcy, I would advise you to close any bank accounts you have with Wells Fargo.
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· If you are filing a Chapter 7 and WF freezes the account you will not get a dime until your attorney persuades the bank that it is violating your rights, or the Trustee authorizes the release, or you get a court order. Any one of those possibilities could take a few days to a few months.
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.
Wells Fargo notified the trustee and Debtors’ counsel of this decision the same day the freeze was placed on the accounts. The Debtors then suffered an NSF fee of $25.00 stemming from a refused payment from one of their accounts. The Debtors filed a motion for sanctions for violation of the automatic stay. The Bankruptcy Court agreed and sanctioned Wells Fargo $25.00 in damages, $14,839.50 in attorney’s fees, and costs of $13.68.
· In an all-too familiar scenario, the debtors filed for chapter 7 bankruptcy protection and Wells Fargo immediately placed an administrative freeze on all four of their Wells Fargo accounts. As a result of the freeze, a pre-petition check to Kohl’s bounced and the debtors incurred an.
Court Description: OPINION AND ORDER. For the foregoing reasons, the order of the Bankruptcy Court is reversed. The case is remanded to.
But I’m not sure maryland law lets you file Chapter 7 and keep $20,000. The bankruptcy trustee may want it. (The reason Wells gives for freezing accounts is exactly what you have done. Filed Chapter 7 with money in the bank that your bankruptcy trustee will want to take from you.) Reply
The Middle District of Florida, Tampa Division, upheld Wells Fargo’s practice of freezing bank accounts of Chapter 7 bankruptcy debtors. In re Young, 439 – March 15, 2011 Free Consultation*: (813) 258-2808 Tap Here To Call Us
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It has five open-end funds listed among the top holders of Detroit debt weighted by exposure, but none ranked higher than 110th. Detroit debt held among all of the firm s national tax-exempt funds as.