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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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My husband I have been served with a citation to discover assets

Resolved Question:

My husband I have been served with a citation to discover assets to third party and our bank account has been frozen. Will filling bankruptcy stop this?
Submitted: 6 years ago via Nolo Press.
Category: Bankruptcy Law
Expert:  cfortunato replied 6 years ago.

Hi JACustomer,

Were you served with the papers for the court proceeding for this judgment?

What is the debt for?



Edited by cfortunato on 9/7/2010 at 1:12 AM EST
Customer: replied 6 years ago.

The debt is for a credit card I no longer have the money to pay off.

Expert:  cfortunato replied 6 years ago.
Were you served with the papers for the court proceeding for this judgment?
Customer: replied 6 years ago.

We now live in Seattle. There is no way we can go back to Yorkville, IL. Also, I didn't recieve the notice from my bank until today. The court date is for this Tuesday.

Expert:  cfortunato replied 6 years ago.

Banks will generally hold the funds in a frozen account for one month before releasing those funds to the creditor. If you file a Bankruptcy before then, the bank has to release the freeze, and not send the funds to the creditor. In other words, filing a Bankruptcy will stop the freeze.

Customer: replied 6 years ago.

Is there any way to stop the court proceeding on Tuesday? Is that important? What else will this company be able to freeze?

Expert:  cfortunato replied 6 years ago.

If the court proceeding is tomorrow, you will not be able to stop it, because you will not be able to file a Bankruptcy that soon. It generally takes about 2 weeks to prepare the Bankruptcy paperwork, but it is possible to file an "Emergency" petition which can take a few hours to prepare, but I think that will still be too late to stop tomorrow's court proceeding. However, the filing will stay (i.e., temporarily stop) any additional action in that case.

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