Imbecile credit union - Telesis freezing funds in a C=
Posted: Wed Apr 13, 2011 6:48 pm
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Client is partially at fault. That's what UTMA and UGMA are for.
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.
'Mark T. Jessee'
Sent: Wednesday, April 13, 2011 5:57 PM
To: cdcbaa@yahoogroups.com
Subject: Re: [cdcbaa] Imbecile credit union - Telesis freezing funds in a Ch
13
Is it a custodian for bennefit of a minor account or a regular savings
account with client's SSN on it? Is the credit union an unsecured creditor?
If client owed credit union money then it has a right to freeze the account
if it is an account under client's SSN and not a custodian account. It can
then seek to set off the funds against the debt owed. This is why it is so
important to drill into the client's head that rule number 1 is: Do not bank
where you owe. If he did not inform you of the account on your intake form
or in response to inquires from you about all his bank accounts and property
he holds for another, then it is the client's fault for failing to disclose.
If it is a custodian for benefit of a minor account, he is just a fiduciary
and it is not part of the bankruptcy estate and then you are dealing with
incompetence at the credit union.
If the credit union is not a creditor then it is violating the automatic
stay by freezing the account as there is no tenable argument for freezing in
a Chapter 13 where the assets stay vested in the debtor. Your client can
pursue contempt sanctions for violation of the automatic stay under Section
362(K) and pursuant to the local rules.
Mark T. Jessee
Law Offices of Mark T. Jessee
"A Debt Relief Agency"
50 W. Hillcrest Drive, Suite 200
Thousand Oaks, CA 91360
(805) 497-5868 (805) 497-5864 (Facsimile)
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