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Freezing accounts
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I too have yet to have this occur but have been advising clients to keep a
low amount in their accounts on the date of filing.
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Mark J. Markus
Law Office of Mark J. Markus
11684 Ventura Blvd. PMB #403
Studio City, CA 91604-2652
(818)509-1173 (818)509-1460 (fax)
Toll Free: 1-866-576-6275
web: http://www.bklaw.com/
This Firm is a Qualified Federal Debt Relief Agency (see what this means at
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I am wondering if there is a "minimum" criteria the banks are using for
freezing accounts?. While I don't file Chapter 7's as frequently as
many group members, I have never yet (knock on wood) had any account
frozen by Wells, Union, or B of A. But I usually ensure that the Debtor
has a very low balance on the filing date....
_______________________________
Frank W. Molloy
Hunter, Molloy & Salcido, LLP
225 S. Lake Ave., #600
Pasadena, CA 91101
Ph: (626) 568-2500
Fax: (626) 405-0786
FMOLLOY@HMSPASADENA.COM
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I am wondering if
there is a "minimum" criteria the banks are using for freezing accounts?.
While I don't file Chapter 7's as frequently as many group members, I have never
yet (knock on wood) had any account frozen by Wells, Union, or B of A. But
I usually ensure that the Debtor has a very low balance on the filing
date....
_______________________________
Frank W.
Molloy
Hunter, Molloy &
Salcido, LLP
225 S. Lake Ave.,
#600
Pasadena, CA
91101
Ph: (626) 568-2500
Fax: (626) 405-0786
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I concur completely with David. That is why I asked in my earlier E Mail if
in actuality all the banks in Keiths E Mail were indeed freezing accounts.
This would make things a whole new ball game in the advise we give our
clients. Its worse with those with direct deposit who live month to month.
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We have not previously heard reports of banks other than WFB and Union
freezing accounts. Keith's email is the first time I have heard about
others engaging in this practice. Is this now our common experience? Are
there banks OTHER THAN WFB and Union who are currently freezing accounts?
Please note that freezing is different than a pre-filing setoff.
If banks are all starting to do this, then I will advise my clients to
withdraw all (or nearly all) funds before cases are filed so they have cash
to purchase food and other necessities. Before I take this drastic step,
however, I want to be sure that this is our common experience rather than
just a special or unique situation which was brought to Keith's attention.
David A. Tilem
Certified Bankruptcy Specialist*
Law Offices of David A. Tilem (a debt relief agency)
206 N. Jackson Street, #201, Glendale, CA 91206
Tel: 818-507-6000 Fax: 818-507-6800
* Bankruptcy specialist cert. by State Bar of CA Bd of Legal
Specialization.
Kenneth Jay Schwartz
Sent: Monday, March 16, 2009 2:40 PM
To: cdcbaa@yahoogroups.com
Subject: Re: [cdcbaa] Freezing accounts
One of the trustees in the Valley, twice in the past two weeks, has been
kind enough to fax over letters to WFB asking them to immediately release
the funds. This was done within 72 hours of the cases being filed, and
within minutes of us becoming aware of the freezes.
Kenneth Jay Schwartz, Esq.
LAW OFFICE OF KENNETH JAY SCHWARTZ
21031 Ventura Boulevard, 12th Floor
Woodland Hills, California 91364-2203
Telephone: (818) 226-1205
Facsimile: (818) 226-1213
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Are we sure that it is all of these banks? I guess the question is who is
not freezing accounts?
My clients think I have lost it. Two months ago I had them close Wells
Fargo (social security direct deposit) and open up an account at Union Bank.
Now I told her she cant use Union Bank any more and to go to US Bank or
some small bank. This is getting to be a real issue.
Hank
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Wells Fargo, Union Bank, Bank Of America & Washington Mutual are freezing all access to the debtor's bank accounts until they "receive either a letter from the Ch7 Trustee or the Bankruptcy Court -- which of course never happens.
Keith Alan Higginbotham
The Law Offices of Keith Alan Higginbotham
255 S. Grand Avenue, Suite #2109
Los Angeles, CA 90012-3045
213.620.0176
213.613.1200 (fax)
HigginbothamLaw@aol.com
To: cdcbaa@yahoogroups.com
Sent: Mon, 16 Mar 2009 1:45 pm
Subject: RE: [cdcbaa] Freezing accounts
Or longer, if the Trustee continues the meeting to request documents. Am I correct that these "freezing" banks will unfreeze the account upon being shown (by a copy of the docket, I suppose) that the Trustee has filed a No Asset Report? And what about deposits made after the bankruptcy is filed? Are Wells Fargo and Union Bank allowing access to those funds, and just freezing the amount in the account on the date of the bankruptcy filing?
James R. Selth
Weintraub & Selth, APC
12121 Wilshire Boulevard, Suite 1300
Los Angeles, California 90025
Telephone: (310) 207-1494
Facsimile: (310) 442-0660
E-Mail: jim@wsrlaw.net
NOTICE TO RECIPIENT: THIS E-MAIL IS MEANT FOR ONLY THE INTENDED RECIPIENT OF THE TRANSMISSION AND THIS COMMUNICATION IS INTENDED TO BE PRIVILEGED BY LA
W. IF YOU RECEIVED THIS E-MAIL IN ERROR, ANY REVIEW, USE, DISSEMINATION, DISTRIBUTION, OR COPYING OF THIS E-MAIL IS STRICTLY PROHIBITED. PLEASE NOTIFY US IMMEDIATELY OF THE ERROR BY RETURN-E-MAIL AND PLEASE DELETE THIS MESSAGE FROM YOUR SYSTEM. THANK YOU IN ADVANCE FOR YOUR COOPERATION
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Or longer, if the Trustee continues the meeting to request documents. Am I correct that these "freezing" banks will unfreeze the account upon being shown (by a copy of the docket, I suppose) that the Trustee has filed a No Asset Report? And what about deposits made after the bankruptcy is filed? Are Wells Fargo and Union Bank allowing access to those funds, and just freezing the amount in the account on the date of the bankruptcy filing?
James R. Selth
Weintraub & Selth, APC
12121 Wilshire Boulevard, Suite 1300
Los Angeles, California 90025
Telephone: (310) 207-1494
Facsimile: (310) 442-0660
E-Mail: jim@wsrlaw.net
NOTICE TO RECIPIENT: THIS E-MAIL IS MEANT FOR ONLY THE INTENDED RECIPIENT OF THE TRANSMISSION AND THIS COMMUNICATION IS INTENDED TO BE PRIVILEGED BY LAW. IF YOU RECEIVED THIS E-MAIL IN ERROR, ANY REVIEW, USE, DISSEMINATION, DISTRIBUTION, OR COPYING OF THIS E-MAIL IS STRICTLY PROHIBITED. PLEASE NOTIFY US IMMEDIATELY OF THE ERROR BY RETURN-E-MAIL AND PLEASE DELETE THIS MESSAGE FROM YOUR SYSTEM. THANK YOU IN ADVANCE FOR YOUR COOPERATION
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