MORE ON BANKRUPTCY FROM OUT BANKRUPTCY ATTORNEY

IF YOU INTEND TO FILE BANKRUPTCY BE SURE YOU HAVE NO MONEY IN THE BANK UNTIL AFTER YOU FILE

FACTS

Some banks place all bank accounts of a debtor that files bankruptcy on administrative hold until after the time the bankrutpcy trustee has the right to object to an exemption or until they receive a release from the trustee.  This means you do not get access to the money from the moment you file and any checks you have outstanding will probably not clear.

SOLUTION

Remove the money from the bank until after you file and then open a new account . If it is in a pension or IRA or other retirement plan it should be okay but consult our bankruptcy attorney first when you get ready to file.

THE INFORMATION HEREIN IS NOT LEGAL ADVICE.
AN ATTORNEY SHOULD BE CONSULTED
IF YOU DESIRE LEGAL ADVICE.

Number of visits since January 15, 1999:

Hit Counter

 

Last Updated: 03/07/10

Entire Site and contents © 2001-2009 Law Offices of Herman Thordsen, All Rights Reserved

If you have comments or suggestions, please contact our offices Southern California call (714) 662-4990. Northern California and out of state call toll free (888) 667-8529..  No information on this page, or on any other page within this site, is to be considered legal advice. No information should be used before obtaining competent legal counsel.  The Law Offices of Herman Thordsen does not, by linking to outside URLs, imply any endorsement of the publisher (s) of, or the source (s) of the content for, or the actual content of those pages, and expressly disclaims responsibility for any results of users' access to, or use of, such pages or the information they contain.