HELOC and MEans test

[Greysky]

Hi I have been using the NOLO Means test and am wondering where I enter My HELOC at. Also do I enter the minimum amount or do I enter an amount that can actually pay it off in a reasonable amount of time. We filed last Friday and I am using this test to gain more insight on what our lawyer is telling us.
Thanks again.You guys are awesome.

[LadyInTheRed]

The best way to gain insight into what your attorney is telling you, is to look at the means test in your filed petition.


The Nolo calculator doesn't have spaces on line 42. Add the HELOC to the first mortgage so that the correct number is inserted on Line 20B.

[Greysky]

I am sure i will be thanking you may more times Lady. Our 341 is in a month and I am so stressed because we are on the borderline. Also trying to figure out how to do things on a cash basis since our Lawyer advised us to not put anymore money into our Wells Fargo account.

[Floridagail]

Good advice, My friend had Wells fargo and they froze his account for 6 weeks after he filed , and they were not a creditor of his. Hopefully they do not do that anymore.

[keepsmiling]

You have a smart lawyer. WF is the devil in disguise

[Pjmax]

Can you open another bank account? Local credit union maybe?

[Greysky]

We applied at the credit union and are waiting to see. The do run a credit check so I don't think it will happen.

[LadyInTheRed]

If you can't get an account locally, try an online bank. I did some research a while back and Ally seemed like a good one.

[Greysky]

Cool, I'll check with them. Our HELOC isn't showing up on our online banking as of today but our accounts are still working. I was going to call them but I don't want to raise any flags. Our Lawyer said out of all of the banks he deals with WF probably the worst when it comes to this. That being said, I don't blame them. The reason I am here is because of me.

[LadyInTheRed]

I wasn't sure I remember the details earlier, but I just did a little research regarding Wells Fargo. For the reasons listed below, I don't think they will freeze your account, but think you should call and ask to be safe. A phone call isn't going to make them freeze the account if they weren't going to anyway.

1. The 9th Circuit Bankruptcy Appellate Panel, which covers California, ruled that Wells Fargo's practice of freezing accounts is a violation of the automatic stay. So, continuing the practice in the 9th circuit is a willful violation of the automatic stay. You could file a motion for sanctions if they froze your account. I bet they don't do it in this circuit any more.
2. I googled "Wells Fargo bankruptcy policies" and found several articles saying that WF's policy of freezing accounts applies to accounts with balances exceeding $5,000. So, if your account is less than that, you are probably safe anyway.
3. WF knows about your BK already. If they were going to freeze your account, they would have done it by now.

[tedbell]

Filed Chapter 7 with $4000 in a Wells Fargo Checking account ... no issues (they were not a creditor and I am in the 9th Circuit)

[Greysky]

Update,
All is good. Went to our branch and spoke to the manager. He said he has never seen them shut an account down for BK. He also said the only thing the BK prevents is opening up a new account. I feel like I am becoming paranoid about every little thing when it comes to this BK. We are reviewing out petition this week. The 341 cqant get here soon enough.