What happens to accounts during bankruptcy proceedings?

It depends on the account. Are we talking about credit card accounts? Those will be closed. Is it a mortgage account? That depends on whether you are filing a chapter 7, 13, 12, or 11. If it is a medical bill or dental bill - those types of bills are erased or “discharged” in a bankruptcy case.

 

Ascent Law LLC 8833 S Redwood Rd Suite C West Jordan UT 84088 (801) 676-5506 https://www.ascentlawfirm.com Lat. 40.5905813, Long. -111.9367847 bankruptcy attorney

Any money in your checking account is usually safe from creditors unless the account is a joint account with someone else. That's because someone with a claim against your estate—a creditor or the court itself—has to show that they have a legal right to the money in order to take it from your account. When you file for bankruptcy, you're legally surrendering all of your property (with some exceptions) to be used as payment for what you owe. Your joint account holders also have certain rights to protect their share of the funds in the account, so in most cases, you won't be able to access that money without your joint holder's permission. If there's only one person listed on the checking account, then there should be no problem with draining it for payment of debts as part of bankruptcy proceedings.

Of course, you need to speak with a lawyer about your specific situation because each situation and each account are different. Call this law firm for a free consultation:

Ascent Law LLC

8833 S Redwood Rd Ste C

West Jordan UT 84088

(801) 676-5506

https://g.page/AscentLaw

https://www.ascentlawfirm.com/bankruptcy-lawyer/


 

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