Bank Of America bank account

[bleve]

Hello all, I am about to file chapter 7 in CA. Is BOFA going to freeze my bank accounts. I do owe them a lot of money. Any info is appreciated.

[mtbc]

If you owe them money you should prepare yourself for them setting off one thing against another and simply taking your money. In your place I'd move it now before something happens.

[bleve]

What if its a business account (corportaion) that I am only an authorized signer. I dont want to ruin my employer or business relationship. Please help

[mtbc]

Assuming it's unrelated to the bankruptcy, I'd expect that to be okay, they can't usually take other people's money!

You may have to list it as an asset owned by others that you control, I don't know. Probably not. Can anyone confirm this doesn't have to be mentioned on say, Form 7 question 14? Assuming that business and personal finances haven't been at all commingled, I'd be astonished if it actually mattered either way. For that question I listed some work-owned stuff I actually keep at home.

[aljohnson007]

I would not assume anything re BofA. Believe me, they will offset from any related account that has funds connected to your name. I would play it safe and open up accounts in another bank or CU and change any direct deposits.

[Overmylimit]

I agree with Aljohnson, they will I had it happen to me even with accounts that I was just connected to, pull your funds before they get to them if possible. I called when they set off against me and pleaded with them that those funds were for payroll (and they were) and that my workers wouldn't get paid....they took every cent...

[mtbc]

Bank of America took the money of a corporation that wasn't solely owned by you, to set off against your debt with them? Did the corporation object? What happened in the end?

[researchmode]

My attorney and CPA both told me that BOA is one of the most aggressive banks in the industry. (CPA actually referred to them as "evil".) Lawyer says he's seen a lot of people who couldn't pay their rent, buy food, etc. because their accounts were cleaned out when they missed payments.

Open another account at a different bank... Apparently banking where you have debt is a bad bad idea. Now that I know about it, it makes complete and total sense.

If you want to look up more info on the web "right of set off" is what you want to look for.

Also, they can do this for any account you are on, whether it's an individual or joint account. I took my name off my mom's accounts as soon as I could to protect her money. I've heard of business accounts being used to fund personal debt as well as personal accounts being used to fund business debt.

Good luck!

~ResearchMode
A mom on the Gulf Coast of FL in the process of filing CH7 and blogging about it. (link removed)

[mtbc]

Being an authorized signer on your employer's corporate account is very different to having a joint account; the money simply isn't legally yours in any sense.

[ItsJustMe]

They didn't touch our account. The only BofA loan we had was our (defaulting) mortgage. We used another bank for most of our banking during the BK, but did leave a bit of money in the BoA account that was left untouched.

[me90210]

They didn't touch our account. The only BofA loan we had was our (defaulting) mortgage. We used another bank for most of our banking during the BK, but did leave a bit of money in the BoA account that was left untouched.

They had my 2nd motgage when I filed, didn't touch mine either.

[shifter]

You know...I had wondered something. We just got back our 1099A from a foreclosure with BofA, yet our credit card we have thru them is still up and running, and getting paid (for now). One branch doesn't seem to know what's happening with the other. I, however, have my checking account through Wachovia.

[iv65536]

You know...I had wondered something. We just got back our 1099A from a foreclosure with BofA, yet our credit card we have thru them is still up and running, and getting paid (for now). One branch doesn't seem to know what's happening with the other. I, however, have my checking account through Wachovia.

If you are thinking of filing I would move the money out of Wachovia - they are a subsidiary of Wells Fargo, which has been known to freeze deposits of those who file, without regard to whether or not WF is even a creditor.

[me90210]

If you are thinking of filing I would move the money out of Wachovia - they are a subsidiary of Wells Fargo, which has been known to freeze deposits of those who file, without regard to whether or not WF is even a creditor.

I have an account with Wachovia too who happens to own my first mortgage... they didn't touch anything either...