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cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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Just curious: IF Our lender does choose to sue us personally,

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Just curious: IF Our lender does choose to sue us personally, and goes ahead and gets a judgment to freeze our accts, my husband says they have to give us notice that they are going to freeze the accts. Is this true? And if so, how much reaction time do we get from the time they tell us they are going to freeze accts and when they actually do it? I'm asking because if this should happen, I want to know if there's time to get in to see a bankruptcy attorney and for the attorney to figure out if it makes sense for us to consider chapter 13 or not. And, if we would have time to literally pull money from our accts and/or pay bills quickly. I'm not sure we will have to head down this road or not--seems there's a lot of info out there that I get that conflicts. We haven't heard from the lender in a few weeks now -not sure what they are up to but I prefer to have as much info at my fingertips as possible.
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 5 years ago.
Hi JACustomer,
If a creditor gets a judgment, that creditor can go ahead and freeze any bank accounts they find without giving you notice. A freeze is temporary - it lasts 30 days. You will receive notice of the freeze after the account is frozen - not before - and you will be given 30 days to have the account released (unfrozen). If it is not released in 30 days, the funds in the account will be sent to the creditor.
Once you receive notice of the freeze, you will have time to have the account unfrozen by filing a Bankruptcy.
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