What to expect AFTER filing

[KSL]

My chapter 7 was just filed on Friday. What kinds of things can I expect to happen now?

My attny seemed like it was no big deal. Is there anything I should be aware of, anything that I should know that will happen now?

Thanks...

[tealk]

I have the same question. Will my bank account with Wells Fargo be freezed? Should I open a new bank account before I file?

[rpertusio]

You should soon receive a date for your 341 meeting (also called "Meeting of Creditors" or "Trustee Meeting", etc...). That is the next (and maybe last) thing you need to do. The rest is just a waiting game. Unless there are problems with your case, you won't have to worry about it. (Also, if you're an 'Asset case', you probably have some other things to 'look forward' to.)

Your bank accounts COULD be closed if you are discharging loans or credit cards issued from the same bank. (For example, if you have Wells Fargo checking and also a Wells Fargo loan, they may just close your account.) Really, any bank could close your account if they wanted to.

[tealk]

Yes that is the current siutuation...WF checking and WF credit card that will be filed on. So I take it I open a new checking account somewhere new?

[rpertusio]

Absolutely open a new checking account somewhere new.

[tealk]

And do this before I file correct?

[rpertusio]

Yep, before you file.

[scorpion35]

I have the same question. Will my bank account with Wells Fargo be freezed? Should I open a new bank account before I file?

it will be frozen and u will lose all your money in it.
close it and take your money elsewhere

[newbie2]

And do this before I file correct?

Do it now if you are behind on your payments to them.

[rpertusio]

By the way, if you're looking for a bank to switch to... you can probably find some banks in your area that are doing "Bonus" offers. For example, "Free $100 for opening a Checking account and setting up Direct Depsit", etc.

You can find a number on the web. A good place to start would be FatWallet:

http://www.fatwallet.com/tags/bonus/52

Just be aware of any recurring fees, Terms and Conditions, or other fine print.

- rp

[tealk]

Will ALL my bank accounts be frozen when I file? Even the new one that I will be opening before I file?

[nceguyfromne]

for tealk

Will ALL my bank accounts be frozen when I file? Even the new one that I will be opening before I file?

You only need to worry about banks you OWE money to. In other words, if you have a checking/savings account AND delinquent (or soon-to-be discharged) loan(s) with the same bank, then you need to make plans before you file bk because you do risk losing whatever money is in your checking/savings accounts at those banks. So if you are in that situation, get your money out of that bank and deposit it somewhere else where you don't owe money.

I had checking accounts at a bank and 2 credit unions and had no issues with any of them after filing. All my accounts remained open and I did not lose a penny. I had loans with one of the credit unions but they were paid on time and my lawyer sent them the paperwork to reaffirm the loans. The $20 that was in my account with them before I filed is still happily sitting there.

[bktmom28]

We had a checking account with a bank that we had a Line of Credit with, and when we filed, the line of credit was included and the only thing that happened was that we were no longer getting online statements. We never had our checking or savings frozen. You will get a letter stating when you have your meeting of creditors and then you will just wait until that date. We didn't have to do anything between the time we filed and our 341.

[screentest]

We opened a new account with a new credit union two weeks ago. Exempted 5k in a Roth IRA as well. I had planned on waiting until I filed; however, was glad I didn't. The new credit union ran a credit check on us, something I was not expecting, and would not have approved us for an account with a BK filing.

Our credit is still somewhat ok. Our old credit union stated they would not freeze our accounts; however would shut off all access to them except "counter help" and would not do business with us again. We are reaffirming two car loans but not a signature loan.

[MarieT]

I was told by my attorney that Wells Fargo is one of the banks that freezes your accounts when you file BK whether you owe them money or not.