I don’t know what banks and credit unions are doing in other parts of the country. \u00a0I speak here only of what I have seen and heard about here locally in Minnesota, and specifically just the Twin Cities area. Here in Minnesota, in the Twin Cities area, there is a substantial danger that your savings and checking accounts will be seized or frozen by your bank or credit union when you file a personal bankruptcy. \u00a0I have always believed it to be a despicable thing to do. \u00a0Some banks and credit unions are worse than others at doing this. \u00a0When you choose a lawyer to handle your bankruptcy case, you might want to make sure that he or she is a person with enough experience to be aware of this problem and how to head it off before it happens.<\/p>\n
The problem is this. \u00a0If the bank or credit union is one or your creditors, you can expect that institution to seize your accounts as soon as they are notified of the bankruptcy. \u00a0If this is not planned for it can result in quite a surprise – checks bouncing, a debit card that has stopped working, and the evaporation of money you thought you had. \u00a0There are some banks that are worse than others \u00a0when it comes to this problem. \u00a0They might freeze your account even if they are not a creditor, especially if your account has a fairly large sum of money – something in excess of $3,000. \u00a0I don’t want to mention them bank by name here, but I believe I did mention one in this video.<\/p>\n