Wells Fargo freezing bankruptcy accounts | Jeff Kelly Law Offices

Wells Fargo freezing bankruptcy accounts

"Hello, this is Jeff Kelly!, and today, I want to talk to you about: "Wells Fargo, and bankruptcy accounts". If you've got a bank account with Wells Fargo, and you're thinking about filing bankruptcy, I would advise you to close your bank accounts, here's why; Wells Fargo's only make, I know of, in the United States, that periodically, will put an administrative freeze on people's accounts, now, I have argued with Wells Fargo staff, and they say that the reason they do this, is they don't want to give funds, that might be property of the bankruptcy estate, and that may, or may not, be protected by the local exemption statutes, to anybody without permission from a Chapter 7 trustee, so, if they do freeze your account, you can't get it unfrozen, but it may take a while to get a Chapter 7 bankruptcy trustee to sign off for it. Chapter 7 trustees, or people, sometimes they go on vacation, sometimes they're out sick, they may not be able to move at the speed of light.

Wells Fargo, again, is the only bank I know of, that apparently monitors the entire United States bankruptcy system, and will freeze any account that it deems as part of a bankruptcy case, even if you don't owe them any money, even if they get no notice of the bankruptcy filing. There is a system called: "The Pacer System", and you know, I'm guessing, they must use that system to monitor all bankruptcy filings, now, if you owe your bank money, for like a credit card, or something like that, under Georgia law, they can do what's called: "A set-off", and they can seize any money, any counts, so you don't want to file, and you don't want to have a bank account with a bank, that you owe money to.

So, I would advise, that anybody considering filing bankruptcy, should open up a bank account, with a bank that, they don't owe any money to, and that bank should not be Wells Fargo.

Thank you!.

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