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Wells Fargo is Freezing ALL accounts for Chapter 7 Debtors

Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC (WFCS) and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.

The learn about what you can do about high credit card debt, read below. I like to think of bankruptcy as a last resort. For some, it’s the right option. In a Chapter 7 bankruptcy your. with banks.

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into an unsecured debt, which does not have to be paid in full. The homeowner can then focus on paying off the first mortgage. The nation’s banks could take a huge hit from the increased use of.

Court records show Stuart filed for Chapter 7 bankruptcy in. mainly credit card debt, and just $13,470 in assets, including a 2006 toyota corolla valued at $11,285, a handgun worth $400 and a Wells.

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Some banks like Wells Fargo have a policy to place an administrative freeze on any account of a newly-filed Chapter 7 debtor with a balance exceeding $5,000. Other institutions like Union Bank are even more strict on this issue. One colleague told me about a case where Union Bank had frozen a debtor’s bank account that contained only $16.

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The outcome in the case of Stockton, the biggest city to declare bankruptcy, also is an important test case for the $3.7. debt. assured guaranty corp, Assured Guaranty Municipal Corp and National.

The bankruptcy court concluded that Wells Fargo’s policy did not violate the automatic stay because the funds were part of the bankruptcy estate and Wells Fargo was not attempting to collect a debt; they were only placing an administrative freeze on the bank account to.

If you are considering bankruptcy, I would advise you to close any bank accounts you have with Wells Fargo.

Chapter 7 and 13 personal bankruptcy. and an average debt-to-income ratio of 32%. Turning to the bond market, jobs and housing are big drivers of the economy, and the job market is arguably firing.

Judge Gloria Burns of the U.S. Bankruptcy Court for the District of New Jersey in Camden approved the deal at a Tuesday, Oct. 7, hearing. in court papers. The debtor is using a $125 million.

The Middle District of Florida, Tampa Division, upheld Wells Fargo’s practice of freezing bank accounts of Chapter 7 bankruptcy debtors. In re Young, 439 – March 15, 2011 Free consultation*: (813) 258-2808 tap Here To Call Us