Wells Fargo is Freezing ALL accounts for Chapter 7 Debtors

The moment that Wachovia/Wells Fargo discover that you have filed for chapter 7 bankruptcy they claim to have the right to "freeze" your bank accounts and await the guidance of the chapter 7 bankruptcy trustee to see if and when they should release those funds back to you.

While it is unclear whether or not other banks will follow Wells Fargo’s "freezing approach," the Bankruptcy Appellate Panel for the Ninth Circuit decided in 2010 that Wells Fargo violated the automatic stay when it froze the bank account of a debtor who had filed for Chapter 7. However, other circuits may interpret the issue differently.

If you’re thinking about filing for bankruptcy, all you need to know is that Wells Fargo will freeze your account when you file your Chapter 7 bankruptcy case. Though the decision deals with a bankruptcy case originating in Nevada, this is now (until some other decision comes down on the other side) the law of the land in California as well.

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If you're thinking about filing for bankruptcy, all you need to know is that Wells Fargo will freeze your account when you file your Chapter 7.

freezing assets of chapter 7 debtors Manager at a bank ( $124B USA ) From my research only Wells Fargo and Union Bank freeze the accounts of Chapter 7 debtors, purportedly because upon filing the assets are property of the Estate.

Bankruptcy And Joint Debts 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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Banks Can Freeze Your Accounts in Bankruptcy Normally, when someone files for Chapter 7, all of the funds left in their personal accounts can be protected by bankruptcy exemptions. This is a function of bankruptcy protection, which is meant to equitably satisfy creditors without taking the shirt of a debtor’s back.

If you are considering filing bankruptcy, I recommend that you close all of your bank accounts with Wells Fargo before you file chapter 13 or Chapter 7. I realize that it is a pain to get your payroll to change the direct deposit to a new bank account. However, you don’t want to run the risk of your account getting frozen.