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Answered 2005-04-12 14:42:54

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.

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What is it called when creditor can take your money out of your bank?

Generally:Attachment for bank accounts and intangible assets.Seize property and tangible assets.Garnishment applies to wages. Judgment levy of a bank account.

What does it mean when SBA or the bank wins judgment against your assets?

The plaintiff may now demand that a bank or broker freeze your accounts, and that a sheriff of marshal seize accounts or other property. The plaintiff may also file a lien against any recorded property, such as real estate. If the assets are hard to find, the plaintiff may require a deposition called a debtor's examination to require you to disclose your assets. Certain assets may be protected from seizure by federal or state bankruptcy laws.

How does a bankruptcy trustee investigate a debtor?

It is rare that a bankruptcy trustee really investigates a debtor. There have to be a large amount of questionable assets or, like in a Chapter 11, types of assets that would send a trustee to your house. When they do, they look into bank accounts and physical assets such as furniture, houses, cars and even clothes.

During a foreclosure can the mortgage company go into your bank account or asssets?

AnswerChange banks if the lending institution and bank are the same place. By federal law, banks can seize assets from accounts held at their own institution to pay a debt owed to them without notice.

Can a creditor garnish wages and seize money from a bank account in Michigan?

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What do you keep in a bankruptcy?

It is a myth that you will lose everything if you file for bankruptcy. While the bank is allowed-under Chapter 7-to liquidate assets, there are number of exemptions including tools of the trad exemptions, primary vehicle, and others.

What are the primary assets and liabilities of a commercial bank?

Loan assets and investment assets are the primary assets of a commercial bank. Deposits and borrowing are liabilities also known as claims to a commercial bank.

How long until a bank seizes your house after you file for bankruptcy?

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Why would a bank file a motion for relief of stay for post-bankruptcy payments when the entire amount owed is in the bankruptcy?

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Depends on file bankruptcy for, and the bank and what they want to do.

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