Will filing bankruptcy close out any active bank account? 22 Answers as of June 27, 2013

I want to file bankruptcy but I want to keep the two account I have with Suntrust & Wells Fargo.

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Law Office of D.L. Drain, P.A.
Law Office of D.L. Drain, P.A. | Diane L. Drain
Wells Fargo is very difficult to deal with in a bankruptcy. A credit union might not be any easier, but there are several questions I need to ask in order to answer your questions. Please understand that filing for bankruptcy is a very complicated process. It is wise to talk to an experienced bankruptcy attorney before deciding to take this important step. Most Arizona bankruptcy attorneys offer a free consultation about the basics of bankruptcy.
Answer Applies to: Arizona
Replied: 10/14/2012
LAW OFFICE OF MARGARET L. EVANS, PC
LAW OFFICE OF MARGARET L. EVANS, PC | Margaret L. Evans
Question: Will filing bankruptcy close out any active bank account? *- no, not under most circumstances * Question Detail: I want to file bankruptcy but I want to keep the two account I have with Suntrust & Wells Fargo. *- provided you can exempt them from the trustee's grasp, there is no reason normally why you couldn't maintain normal checking and savings accounts. *
Answer Applies to: South Carolina
Replied: 10/12/2012
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
Wells Fargo will put an administrative hold on your account if you have more than 5k on deposit when you file. They don't keep the money but it is a pain to get the hold released. Otherwise bank accounts are not effected by filing.
Answer Applies to: California
Replied: 10/11/2012
Bruning & Associates, PC
Bruning & Associates, PC | Kevin Bruning
All of your credit cards must be included in your bankruptcy; if you have credit cards with Suntrust and Wells Fargo, those will be included. However, if you are referring to savings/checking accounts, then the answer is yes, you can keep the accounts open. You will need to determine whether the money in the accounts is exempt or not under your state's exemptions laws, though, if you want to avoid losing money in the bankruptcy, as any amounts over your bankruptcy exemptions can be taken as part of the liquidation process under a chapter 7. An attorney can help you determine whether your assets are exempt or if you have anything that would be unprotected.
Answer Applies to: Illinois
Replied: 10/11/2012
Law Offices of J. L. Haddock, PLLC
Law Offices of J. L. Haddock, PLLC | Jared L. Haddock
No, filing for bankruptcy alone will not automatically cause the closing of bank accounts that are not overdrawn at filing.
Answer Applies to: Michigan
Replied: 10/11/2012
    Law Office of Norman Moore
    Law Office of Norman Moore | Norman P Moore Jr
    Bankruptcy does not operate to close accounts. This is not to say that a particular bank won't freeze your account, or close it, when you file, especially if you owe them money that will be discharged in bankruptcy. Talk to a bankruptcy attorney to discuss the particulars of your situation.
    Answer Applies to: Wisconsin
    Replied: 10/11/2012
    The Needleman Law Office | Scott Needleman
    It depends on the bank and the fact of your financial situation.
    Answer Applies to: Ohio
    Replied: 6/27/2013
    Balena Law Firm
    Balena Law Firm | William Balena
    Filing bankruptcy has nothing to do with whether or not you can keep an active bank account.
    Answer Applies to: Ohio
    Replied: 10/10/2012
    Lynn Boak, Attorney at Law P.C.
    Lynn Boak, Attorney at Law P.C. | Ethelyn (Lynn) Boak
    If you have funds in those bank accounts, the trustee will require you to hand them over to be available to pay your creditors. You'll have to talk to the bank about keeping them open until you have funds to deposit.
    Answer Applies to: Wyoming
    Replied: 10/10/2012
    A Fresh Start
    A Fresh Start | Dorothy G Bunce
    You can do anything you want, but if you have loans with Suntrust or with Wells Fargo, under a contract provision that applies to your account called "set off," these banks can take money from your account without your permission after the bankruptcy & use the money to pay themselves. In addition, if the amount of money you have in these accounts is larger than the exemptions available to you, the Bankruptcy Trustee will want the additional money as well.
    Answer Applies to: Nevada
    Replied: 10/10/2012
    William Bidwell, Attorney at Law | Bill Bidwell
    All assets must be reported when filing bankruptcy. One cannot pick and choose which assets they want to include in the bankruptcy.
    Answer Applies to: Michigan
    Replied: 10/10/2012
    Law Office of Stuart M. Nachbar, P.C.
    Law Office of Stuart M. Nachbar, P.C. | Stuart M. Nachbar
    In Bankruptcy, there are exemptions that can permit you to keep the accounts open. You would need to provide information to your bankruptcy counsel as to what is in the accounts to make sure that you are under the exemption limits.
    Answer Applies to: New Jersey
    Replied: 10/10/2012
    THOMAS G. GILL, P.A. | Thomas G Gill
    Filing Bankruptcy will not interrupt your use of personal bank accounts unless you owe money to that insitution. If you owe money to your bank you should change banks before you file. Note that the monies in your bank accounts are assets of your estate.
    Answer Applies to: Maryland
    Replied: 10/10/2012
    Wild Sky Law Group, PLLC
    Wild Sky Law Group, PLLC | Roxanne Eberle
    Bankruptcy doesn't usually close bank accounts unless one is a member of a credit union and you default on a credit union loan - they then will revoke your membership and close your accounts.
    Answer Applies to: Washington
    Replied: 10/10/2012
    The Law Offices of Kristy Qiu
    The Law Offices of Kristy Qiu | Mengjun Qiu
    Wells Fargo will freeze automatically if it's a chapter 7 until your case is finalized, but it won't close. Suntrust will remain open and active.
    Answer Applies to: Florida
    Replied: 10/10/2012
    Law Office of Bernal Peter Ojeda | Bernal Peter Ojeda
    No it does not automatically close bank accounts it doesn't change your current financial status. A Chapter 7 only liquidates your unsecured consumer debts.
    Answer Applies to: California
    Replied: 10/10/2012
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