Bankruptcy Alphabet Begins
This month I've started a series of articles called Bankruptcy A to Z. Each post will explore bankruptcy from the perspective of a different character of the alphabet for each post.
A starts with Bankruptcy Assets, B is for Beware of Those Credit Card Offers, and C is for Chapter 7 in bankruptcy.
Bankruptcy D is for Disclose. E is for Equity and F is for Fresh Start.
The series continues on through the alphabet and my goal is to complete it by the last day of November. I'm a little behind so we'll see what happens.
Some of the articles will be short and some will be longer. There will be links to other articles on the same letter by other attorneys. I hope you find some useful information.
If you are considering bankruptcy, you are advised to move any accounts you may have with Wells Fargo to another institution.
It doesn’t matter if you owe them money or not! It doesn’t matter that you have never bounced a check and never borrowed any money from them. If you file bankruptcy the corporate policy is to freeze your accounts.
For at least a month you will not have access to your money, your ATM card will not work and any checks that are outstanding will be returned. Eventually the accounts can be unfrozen but meanwhile you won’t be able to pay the mortgage or buy food.
Don’t forget – move your money from Wells Fargo (and Wachovia) to another bank or credit union where you don’t have any loans, lines of credit or credit cards.
When asked what assets they have, most people think of real estate and money. Those are assets but not the only ones. All personal property is an asset. It doesn’t matter what the value is. Some assets have zero or little dollar value, like that t-shirt or your old shoes.
Many clients have told me, “I have no assets!” Yet I’ve never seen one walking around in the buff. At the very least you have the clothing on your back. You probably also have a bed and dishes. You may have a bicycle, a motorcycle or an automobile. These are all assets. Your kitchen appliances, musical instruments, the pictures on the wall, the security deposit your landlord has, a cemetery plot, that stuff in the storage locker or your parent’s garage, an upcoming tax refund—all assets.
Full disclosure is required if you file for relief under the bankruptcy code. In exchange for discharging most if not all of your debts you must fully disclose ALL your financials including your assets. So think on it. What do you have that you didn’t think was an asset?