Wells Fargo is Freezing ALL accounts for Chapter 7 Debtors

Wells Fargo is Freezing ALL accounts for Chapter 7 Debtors

Wells, though, doesn’t inquire about your claims of exemption, or care an iota about the impact on your day to day living. It feels compelled to freeze bank accounts of debtors to preserve them for the bankruptcy trustee. The freeze keeps you from ATM access; your checks bounce; and automatic bill-pay is frustrated.

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Via Fax & US Mail. As Ms. Tafoya’s testimony at the evidentiary hearing demonstrates, Wells Fargo, by itself, made the determination to only place a freeze on accounts of $5,000 or more. The freezing of deposit accounts was not mandated by the Bankruptcy Code, ordered by the Court, or requested by the chapter 7 trustee.

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 · Frozen Bank Accounts And The Automatic Stay. By Nicholas Gebelt on September 13, 2011. Posted in. One of the arguments given by banks to justify freezing a debtor’s account postpetition is: “We don’t know if the money in the account is exempt or not.. The bankruptcy court erred when it determined that Wells Fargo did not exercise.

Asked to list his assets, Steinberg could produce only the car ($6,700), a Vizio flat-screen TV ($1,000), miscellaneous personal effects ($650), and a Wells Fargo checking account. his debt to.

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What Can I Do if My Bank Account is Frozen? Banks to Avoid When Filing Bankruptcy. Avoiding having your bank account temporarily frozen. Some banks like Wells Fargo have a policy to place an administrative freeze on any account of a newly-filed Chapter 7 debtor with a balance exceeding ,000. Other institutions like Union Bank are even more strict on this issue.

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