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Getting bank to release funds subject to levy
Would a bank release funds upon the filing of a 7 by its client? Since the
funds do not vest back in the debtor until 30 days after the meeting of
creditors if they are exempt, I would surmise Wells Fargo doesnt release
them. It would appear that the filing of a 13 would require release to the
debtor since the debtor has the relevant powers of the trustee under 1303.
Since I do a lot of 11 work in which the chapter 11 debtor has the relevant
powers of the trustee under 1107, I havent had to deal with this much. I
would appreciate all input.
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Would a bank release funds upon the filing of a 7 by its client? Since the funds do not vest back in the debtor until 30 days after the meeting of creditors if they are exempt, I would surmise Wells Fargo doesnt release them. It would appear that the filing of a 13 would require release to the debtor since the debtor has the relevant powers of the trustee under 1303. Since I do a lot of 11 work in which the chapter 11 debtor has the relevant powers of the trustee under 1107, I havent had to deal with this much. I would appreciate all input.-- null
The post was migrated from Yahoo.