Keeping a Checking Account During Chapter 7 Bankruptcy
Having to declare bankruptcy is never an easy choice, but unfortunately it is sometimes necessary. Managing finances during a Chapter 7 Bankruptcy can be overwhelming. One important consideration while going through bankruptcy is whether or not it’s possible to keep a checking account.
The answer is yes, although there are certain restrictions in place. A person filing for Chapter 7 Bankruptcy must report all of their assets, including bank accounts and other financial accounts, when they file the petition with the court. These funds are then subject to liquidation by the trustee appointed by the bankruptcy court. People may be able to keep some money in their checking account as long as they can demonstrate that those funds are not available for liquidation due to exemptions from creditors or because the funds came from income earned after filing for bankruptcy protection.
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