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What Happens To Money In My Bank Account When Filing Bankruptcy? Call (703) 494-3323 or visit https://fishersandlerlaw.com and ask us about our 👉$0 Down Bankruptcy Program today👈
Are you struggling to keep up with your bills? Are you tired of feeling like you're drowning in debt? Fisher-Sandler can help. We offer a no money down chapter 7 bankruptcy. This means you can get the fresh start you need without having to pay a penny upfront. Don't wait any longer. Get the debt relief you deserve.
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What Happens To Money In My Bank Account When Filing Bankruptcy in Virginia?
In most Chapter 7 bankruptcy cases, nothing happens to the filer's bank account. As long as the money in your account is protected by an exemption, your bankruptcy filing won’t affect it.
Your bank account is an asset that is listed on your bankruptcy forms. If you have multiple bank accounts (like a checking and a savings account) you have to list each separately. The value of this asset is based on the amount of money in the account when the case is filed. It’s important to note that this balance is not adjusted for pending transactions or outstanding checks.
Keeping the cash you've deposited in a bank account isn't easy to do in bankruptcy. Any cash or money you have in the bank on the day you file for bankruptcy becomes property of the bankruptcy estate, and keeping it will depend primarily on your state's exemption laws.
Cash in a bank account is one of the first types of assets a Chapter 7 bankruptcy trustee will look for when you file for bankruptcy. Why? Most states don't allow filers to protect much cash in a bank account—and it's easy to find. The trustee will likely ask you for a bank statement reflecting the balance on the filing date. And, the trustee won't be swayed by an argument that you have outstanding checks or automatic withdrawals. You'll have to turn over any amount you can't protect with an exemption.
Although banks often close overdrawn accounts after a bankruptcy filing, you probably won't lose an account in good standing. But planning ahead is essential. Many financial institutions won't open new bank accounts for some time after bankruptcy. And, even if you have an account in good standing, you could temporarily lose access or permanently lose the balance.
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Fisher-Sandler, LLC
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Fisher-Sandler, LLC - Fredericksburg, VA
1930 William Street
Fredericksburg, VA 22401
(540) 274-5566
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*DISCLAIMER*
The information in this video is not intended to provide legal advice or to create an attorney-client relationship; but is intended for general education and information purposes only. Laws change periodically, therefore the information in this video may not be accurate. It is imperative that you seek legal counsel in order to determine your rights and obligations under the law and based upon your specific circumstances.
So, When Should You Declare Bankruptcy?
Many people listen to financial gurus who recommend looking at bankruptcy only as a last resort. The problem with this is that many people do everything they can to avoid bankruptcy (including liquidating valuable assets that would otherwise be protected), only to end up bankrupt anyway.
Declare Bankruptcy Protection - The Financial Answer to Foreclosure and Credit Card DebtBanks and other financial lending institutions are experts at handling money, yet many have failed. Most homeowners and individuals are by no means financial wizards, but have also come under hard financial times. Bankruptcy protection is a viable manner in which to ensure a return to financial stability. If bankruptcy is filed too late, it can prove more detrimental to the family's way of life.
How the Bankruptcy Automatic Stay Can Provide You ReliefFacing a huge mountain of debt can be one of the most stressful experiences you'll ever have in your life. This can lead to many sleepless nights as you worry about how on earth you will come up with the money to get those bill collectors off your back. If you've decided to declare bankruptcy, there is a provision that can provide some relief. It is known as the bankruptcy automatic stay.
Bankruptcy Means Being InsolventNot a lot of people actually understand what happens to a company when it declares bankruptcy. It isn't always the end of the world.
Filing For Bankruptcy - When is Bankruptcy the Right Choice?In this economy, more and more people are finding that their incomes are no longer enough to take care of their monthly expenses. We hear news of hundreds of companies laying off workers every week.. and this doesn't take into account the workers who are "encouraged" to resign from their jobs so that employers don't have to pay unemployment benefits. If you've lost your job, taken a pay cut, or been forced to reduce your hours on the job, there's a good chance that your credit is suffering.
After Bankruptcy - Buying a Home After BankruptcyIf you've recently declared personal bankruptcy, or you think you might file soon, you're probably concerned about the prospect of ever buying a home. Since a bankruptcy stays on your credit report for a decade, you might be thinking you'll have to keep renting for a long time to come.
9 Steps of a Chapter 7 Bankruptcy CaseIf you're thinking about filing for chapter 7 bankruptcy, you're probably wondering what is involved in the process. Filing bankruptcy can be a bit overwhelming, especially since you're probably still dealing with the stress of being harassed by creditors, but knowing how the process works can make bankruptcy a little less intimidating.
Tips And Alternatives Before You File For BankruptcyWhether you contact your creditors, fix up a budget, settle your debt on your own, or decide to get debt relief through a licensed professional, always keep in mind, bankruptcy should be the last alternative. Avoid it at all costs and look forward to living a long and, someday, debt-free life.
Bankruptcy and InheritanceWhen creating a last will and testament, individuals often consider the assets they are going to leave behind when they pass away. It is common practice for people to leave behind money, property, and possessions to their loved ones, including spouses, family members, and friends. This article discusses handling inheritance of assets and funds during bankruptcy filings.
Settling Your Debts Vs Filing a Chapter 7 Bankruptcy - May Be Better For Job SeekersThe plight of that individual sounds very similar to stories I hear all too often. After losing a job, or experiencing a cut in pay, consumers are optimistic that things will work out for them and so while they are looking for work, they use up their savings and draw down the money in their 401(k)s so they can pay their living expenses and their debts.
Unauthorized Bankruptcy and ForeclosureThis article discusses the dangers of trusting your financial information to agencies that do not have your best interests in mind. It highlights common mistakes homeowners make when trying to re-finance their homes and what to avoid in a mortgage refinancing agency.
How to Properly Prepare and File For BankruptcyAre you thinking about filing for bankruptcy? This process can seem daunting and overwhelming in the midst of an already stressful time. Here are the basic steps in the filing process...
Filing Chapter 13 Bankruptcy Vs Debt Counseling Or ConsolidationIf you are experiencing severe financial distress due to the recent downturn in the American economy, you certainly are not alone. Many people who never thought they'd lose their jobs and who have always been able to support their families are now finding themselves in a position of having to fend off creditors and making difficult choices about which bills to pay and when. If you are falling further and further behind and cannot decide between filing Chapter 13 bankruptcy and trying to obtain other debt consolidation help, here are some facts to consider.
How Bankruptcy Helps to Pay Off DebtsMany people don't like the idea of declaring bankruptcy, because it has a lot of negative consequences. But in some situations, filing a Chapter 7 bankruptcy can actually save your financial life. Liquidating your assets can help pay off your debts, which would have otherwise been impossible to do.
Considering Alternatives to Bankruptcy? Not So FastIt's common knowledge that bankruptcy isn't for everyone. Some of its disadvantages may be too burdensome for you to carry. But what if your financial situation seems to merit no other way out? Even if it's not for you, it's never a good idea to completely write bankruptcy off your list of options.
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