QUESTION
Can a bankruptcy attorney reverse a bank account seizure?
Asked on Dec 27th, 2011 on Bankruptcy - Georgia
More details to this question:
I have a judgement against me and my business (a NY LLC) and my bank accounts have been frozen. Is my money gone?
6 ANSWERS
If the funds on deposit have been setoff against a debt, they are gone. If they are exempt in part, you may recover the exempt amount of funds either through applicable non-bankruptcy law or via the bankruptcy when the automatic stay goes into place.
Answered on Jan 03rd, 2012 at 9:45 AM
Business Bankruptcy Attorney serving Raleigh, NC
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J.M. Cook, P.A.
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No. In most cases, if you or the business filed (depending on which bank account you are talking about), the money would be released.
Answered on Dec 30th, 2011 at 9:11 PM
Bankruptcy & Debt Attorney serving Longmont, CO
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William Edward Zurinskas
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In Colorado, it is possible to reverse a personal bank account garnishment by filing a claim of exemption, as long as the funds in the account came from an exempt source.
Answered on Dec 29th, 2011 at 8:39 PM
judith runyon
The bankruptcy Trustee assigned to your case has to authorize it to be unfrozen.
Answered on Dec 29th, 2011 at 8:38 PM
Chapter 7 Bankruptcy Attorney serving Huntington Beach, CA
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Law Offices of Christine A. Wilton
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If the judgment creditor has seized your bank accounts, it's very likely that the money is gone already. If you file for bankruptcy protection, it is possible that can be reversed, but only if the money has not already been given to the creditor. It's also possible that the trustee may have the power to reverse that transaction as a preference to that creditor over other debts you may owe.
Answered on Dec 29th, 2011 at 8:35 PM
Glen Edward Ashman
Maybe and maybe not, depending on when it happened, and a great deal of information not in your post. To the extent some or all of the money can be recovered, if you wait too long to hire a lawyer and file, you will lose money you might have kept.
Answered on Dec 29th, 2011 at 8:27 PM