There are undoubtedly countless things going through an individual’s head as they go through the Bankruptcy process such as:
- How did this happen?
- How can I get through this the easiest?
- How can I make sure things are different afterwards?
One thing that a lot of people do not think about, however, is where they bank. Consider the following, however: You currently owe a large sum of money to the bank where your checking account currently exists. What’s to stop the bank from cleaning out your checking account to pay off your debt balance?
While there are some rules which prevent this from happening, there are also a lot of technicalities that banks can use to siphon your money without obtaining your approval first. It’s well known that banks will seize property from delinquent account holders, and this can include your checking account.
Bankruptcies can be very complicated and time consuming, and it may be overwhelming having everything placed in front of you at once, but this is a tip that must be remembered: As soon as you make the decision to file for bankruptcy, you need to set up a new account with a bank you have never dealt with before.
While some people will view this as being dishonest, like you are hiding assets from the banks, it is not. In actuality the truth is everyone has necessary expenses, such as food and water, electricity, gasoline, etc. Allowing your checking account to be cleaned out by the bank can turn a bad financial situation into a catastrophic one.
Bond & Botes Helps People Struggling with Debt
We are local and offer a free confidential face to face consultation. We also offer free consultations from the comfort and safety of your own home or office by phone and/or video with an experienced attorney. Let us solve your financial problems. There is no obligation, and that means no downside to gathering the information you need to make good decisions about how to break the cycle of debt stress and move forward. We can answer all your questions regarding Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, stopping a foreclosure or wage garnishment, avoiding liens, stopping lawsuits, discharging medical debt, personal loans, payday loans, credit card debt, etc. We can alleviate your stress! We want to help and we can help you!
Bond, Botes, Sykstus, Tanner & McNutt, P.C.
102 South Court St, Suite 314, Florence, AL 35630
Phone: 256-760-1010 • Fax: 256-760-1023
Office Hours: Monday – Friday • 8am to 5pm
No representation is made that the quality of legal services to be performed is greater than the quality of legal services to be performed by other lawyers.