Friday, December 2, 2011
Filing Chapter 7 bankruptcy in Arizona: Banks can seize your account money if you owe money on a credit card
But there is an exception if you have a bank account with the same financial institution you have a credit card with. When you signed up for your checking or savings account, the bank probably included language in the agreement which said that you granted them approval to seize funds in your accounts should you owe them money.
If you do start getting behind on credit card payments, the best thing to do is to close out your checking or savings accounts - including business accounts - with the bank, or withdraw all of your money from the accounts.
If more than $600 is frozen or seized, you may be able to get it back if you file bankruptcy within 90 days. Or the trustee may take the money that was seized and divide it up amongst all of your creditors.
This is what I want you to take away from this: DO NOT WAIT TO ACT if you get behind in your credit card payments and have a checking account with that bank.
The Alexander Bankruptcy Law Firm provides low low cost Chapter 7 and 13 personal bankruptcies. $995 Chapter 7 or $2500 Chapter 13 bankruptcies plus court filing fee. Free consultation with a compassionate attorney who will handle your case personally. Call 24/7, available to meet with you around your schedule. 602-326-9116. Conveniently located in Central Phoenix along the Camelback corridor. AlexanderBankruptcyLawFirm.com
Posted by Rachel Alexander at Friday, December 02, 2011