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if you have filed bankruptcy chapt 7 please respond...

will they freeze your checking/savings accounts? or will bank instituitions you had pre bankruptcy close your checking/savings accounts once you file? I know that credit cards will all be closed, but checking/savings acconts? what other cautions do you have that you didnt know when you filed bankruptcy chapt 7? how hard is it to get a nice place to stay afterwards?

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Msunique80

Asked by Msunique80 at 11:10 AM on Jun. 10, 2009 in Money & Work

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Answers (5)
  • I would have researched the answers to these questions BEFORE filing. The best thing to do is talk to your lawyer or to call your bank and see if there is someone there who may be able to answer some questions for you.
    Anonymous

    Answer by Anonymous at 11:13 AM on Jun. 10, 2009

  • Our accounts were never frozen but we filed before the laws changed. The court requires that you stop using your credit accounts about 60 days before you file (or you might have to pay that amount back) & that you have very little in your checking or savings accounts. The courts will not freeze your accounts that I know of. Once you file, the creditors cannot do anything else--collection activity or garnishments or anything. The filing stops everything until the courts rule if your discharge will be allowed. Make sure you don't make any large purchases or large payments within the 60 days prior to filing as the court has the authority to request the companies return those payments & dispurse the money among other creditors. We stayed in our townhouse for over a year after we were discharged so our landlord never knew. If you have to move, explain why it happened & make sure you have a good reference.
    Anonymous

    Answer by Anonymous at 11:15 AM on Jun. 10, 2009

  • for the record...i havent filed yet...so i am doing my research. thx
    Msunique80

    Answer by Msunique80 at 11:19 AM on Jun. 10, 2009

  • Yes, I filed. Although you do have to disclose the amount in your accounts, they do not freeze them. What they are trying to see is if you are hiding any money, which could be used to pay off debts instead. What you do is simply "not have any money in the accounts". We maybe put down 10.00, but it was true. After three months of being discharged, we started to receive credit card offers in the mail. We were able to rent, with no problems. If you are filing due to alot of medical bills, most companies overlook this, because it is all too common. So, if you do get credit checked for some things, they will overlook the bankruptcy. Hope that helps.
    Anonymous

    Answer by Anonymous at 11:49 AM on Jun. 10, 2009

  • Really do your research on it and how the laws have changed. Also, look into Alliance.com They helped me get more affordable payments on EVERYTHING. Yes, bankruptcy might cut your debt, but it's not going to improve your credit at all!!!! You wont be able to get a house or car in the future and if you do find a loan, you'll be paying more in interest. I made the mistake of filing when I was very young after a bad car accident and to this day I regret it. Let me know if you need help or more info.
    tcarter1981

    Answer by tcarter1981 at 3:07 PM on Jun. 11, 2009

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