Posted on: 05th Mar, 2012 01:04 am
hello everyone… i need help. i need to know what can be expected in case of a bank account when chapter 7 bankruptcy is filed. will the bankruptcy trustee just look at total balances or will they look into transactions for a given time frame?
Hi cecil,
As far as I know, the bank will not only look into the balances but will also look into the transaction for a given period of time pertaining to that bank account. You may have to provide the bankruptcy trustee with at least 2 years of bank statements.
Thanks,
Jerry
As far as I know, the bank will not only look into the balances but will also look into the transaction for a given period of time pertaining to that bank account. You may have to provide the bankruptcy trustee with at least 2 years of bank statements.
Thanks,
Jerry
Hi cecil!
Welcome to forums!
Jerry is absolutely correct. The transactions for the last 2 years along with the balance amount in your bank account both will be taken into consideration when you file bankruptcy. The trustee will look into the fact whether or not you have transferred money to your friends or family members. If he finds any such transaction, then he may include that money in the bankruptcy estate so that he can use it to pay off your creditors/lenders.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Jerry is absolutely correct. The transactions for the last 2 years along with the balance amount in your bank account both will be taken into consideration when you file bankruptcy. The trustee will look into the fact whether or not you have transferred money to your friends or family members. If he finds any such transaction, then he may include that money in the bankruptcy estate so that he can use it to pay off your creditors/lenders.
Feel free to ask if you've further queries.
Sussane