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541, 542 freeze of Joint CD and Bank Account
Thank you. I needed the checking/savings released immediately because that is her survival money for her and the children. I contacted the trustee who will fax to the bank a request to release. I called Wells Fargo who says they will release the account within 5 minutes of receiving the fax from the trustee. With regards to the CD, it was not listed so I have to amend and explain that the money belongs to client's mother and available only for emergency purposes, and then the trustee may also fax a release letter to wells fargo.
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If the debtor's interest in the value of the CD and bank account balancesdisclose and exempt), then the assetsare of inconsequential value to the bankruptcy estate. A motion for an order to compel abandonment of the assets from the estate would then be appropriate.
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Hi List Mates:
A chapter 7 petition was filed a few weeks ago. I just received notification that Wells Fargo has frozen a CD account (about $25,000) in which my client is named as a joint account holder (not disclosed by the client), and another two accounts (checking and savings) totaling about $2500. What's the best way to unfreeze the CD? By the nonfiling co-account holder? By what means? With regard to the checking and saving account, 542(a) talks about "inconsequential value." What does this mean? How is this applied?
Thanks,Stephen Stern. Esq.1026 Palm Street, Suite 201San Luis Obispo, CA 93401(805) 543-5297
Hi List Mates:A chapter 7 petition was filed a few weeks ago. I just received notification that Wells Fargo has frozen a CD account (about $25,000) in which my client is named as a joint account holder (not disclosed by the client), and another two accounts (checking and savings) totaling about $2500. What's the best way to unfreeze the CD? By the nonfiling co-account holder? By what means? With regard to the checking and saving account, 542(a) talks about "inconsequential value." What does this mean? How is this applied?Thanks,Stephen Stern. Esq.1026 Palm Street, Suite 201San Luis Obispo, CA 93401(805) 543-5297
The post was migrated from Yahoo.