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yes you can and most times it may be needed if you are filing a chapter 13 and you want the payments to be garnished directly from your account

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โˆ™ 2008-06-21 12:41:53
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Q: Can people in bankruptcy have a bank account?
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Related Questions

Do they close your current bank account when filing for bankruptcy?

No they do not close your Checking or Savings account

Can you change a joint bank account with a parent before chapter 7 bankruptcy in ny state?

Yes you can change a joint bank account before a Chapter 7 bankruptcy. You should have your finances in order before you file a bankruptcy.

When can you open a bank account after being declared bankrupt?

You can open a bank account immediately after filing for bankruptcy. There really is no waiting period.

Can you keep your chequing account If you go bankkrupt?

Yes, if the bank holding the account allows it. When a person files for bankruptcy, depending on the type of bankruptcy you filed.

If a collection agency freezes your bank account and on the next day you file for bankruptcy can they still freeze your money?

A collection agency, or any party, can only freeze your bank account IF they have sued your first and won a judgment against you. If you file for bankruptcy, it will not immediately release the levy on the account. The court that rendered the judgment must be notified of the bankruptcy filing, as well as the judgment creditor. The account could remain frozen until the outcome of your bankruptcy. If your bankruptcy, and the judgment debt is discharged, then the bank account must be released. It is possible to release a levy before discharge, but it will usually require the bankruptcy attorney to do it.

Can a bank take your paycheck because you said you were filing bankruptcy?

Only the State and Federal government institutions have the right to levy your bank account directly. Banks can take your paycheck to cover insufficient funds in the check-owner's bank account (with that bank) but cannot do so just because the owner of the account is filing for bankruptcy.

In bankruptcy can they get into your bank account?

This is why your claim bankruptcy. The automatic stay will stop judgment holders from issuing a levy on goods and chattels. Simply put, no. They can not levy an account from a debtor that is protected under the bankruptcy code.

Can a bank take your deposits out of your account after you have filed for bankruptcy?

no because you have no money idiot

Can you open a separate bank account if you filed for bankruptcy jointly and are now separated from your spouse?

yes...if the bank agrees.

If your bank account has been frozen because your ex-husband filed for bankruptcy how can you get your funds out?

A bank account can usually only be held for thirty days from the time it is secured. The joint account holder should contact the bankruptcy trustee to learn what is necessary to have their percentage of the funds returned.

How does bankruptcy affect a beneficiary on the living persons' bank account?

by putting u in debt

Can a bank collect on an old checking account if the customer has filed bankrusptsy?

Was that debt including in bankruptcy.

Can bank hold on to your car title as collateral on a bank credit card went the car loan was paid off prior to bankruptcy?

The bank should not have your car title if it is paid off. If you declared bankruptcy and it was discharged, your bank credit card account should be dismissed.

Do you have to justify using money in your bank account?

You do not have to justify using money in your bank account unless you are in the middle of a bankruptcy and someone is overseeing what you are doing. There are few occasions where you have to divulge this type of information.

Will filing chapter 13 bankruptcy affect a recent joint bank account?

If you have filed for bankruptcy as an individual, rather than as a couple, then you are only filing on your personal debts. Following this logic, only those funds that are yours (so your share of the bank account, if that is possible) will be "up for grabs." Your bankruptcy status should not have an effect on your partner.

In Illinois can a bank account be frozen if the person who filed bankruptcy is only an authorized signer or secondary user?

If they are only an authorized signer then the bank account will not be touched. If they are listed on the account as a user, it could be frozen at any time.

Can the bank seize assets in the bank during a bankruptcy?

If creditors believe the person is trying to remove funds from accounts to keep them from bankruptcy proceedings; creditors can petition the court to freeze all accounts/assets. A bank cannot arbitraily seize account funds unless the depositer has a loan with the bank which includes a set off provision. Even then the bankruptcy trustee can request the funds be returned and included as assets in the bankruptcy.

If someone files for bankruptcy can the Credit Card company take money out of your checking account to try and retrieve some of the debt after they were informed you were filing bankruptcy?

No, once a bankruptcy is filed an automatic "stay" is in place, and creditors cannot pursue any collection action. Even outside of bankruptcy, a creditor cannot arbitrarily garnish a debtor's bank account. The creditor needs to file and win a lawsuit, be granted a judgment and then enforce the judgment as a bank account garnishment.

Is saving account a bank account?

If you have a savings account at a bank, then it is a bank account. If you have it in another kind of institution, such as a Credit Union or Savings and Loan, then it is not a bank account, although some people use the term "bank account" loosely and apply it to any savings account anywhere.

How long after being bankrupt can you get a bank account?

I filed a bankruptcy because I was injured and could not work. When I had nearly depleted my savings I paid my utility bills for the next year, leaving enough for food and gasoline up to when I thought I would be well enough to work (I was guessing a year). Then I closed my bank account and used only cash. I landed a job the day after the bankruptcy was awarded so I needed to open a bank account immediately (cashing checks without your own account is very expensive). I had no trouble getting an account at a local credit union. I am hard-pressed to understand why acquiring a bank account would be associated with a bankruptcy, money is money.

If your loan was approved by chapter 7 bankruptcy can the bank still deduct from your checking account?

Not enough information is disclosed about the situation in order to answer. If you have an attorney assisting you in your bankruptcy ask them.

Can you keep accounts in a bank if you filed bankruptcy against their credit card?

I don't have a definitive answer, but it has been my experience that normally you can keep an account in a bank after filing bankruptcy on their credit card. I have found some small, local banks though (usually credit unions) that do require people to close their account(s) if they file bankruptcy on the bank. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person.

How can you file a bankruptcy and not lose any money in the bank?

Why are you filing bankruptcy if you have money in the bank? You are entitled to exemptions, which may include some money in a bank account. The amount you may exempt will depend on whether your state has its own exemptions or allows you to use the federal exemptions.

Can one open checking account after declaring bankrutcy and if so does it affect the status of the bankruptcy?

After declaring bankruptcy it is smart to wait six months before obtaining a new account. If a trustee finds that you have XXXX amount of dollars in bank B after closing an account at bank A it will look as if you tried to defraud the bankruptcy law. For chapter 7 wait until discharge for chapter 13 as long as you are making timely payments it doesn't matter.

What is a special account?

A bank account for people who were born with diahorea