You're in deep debt, but you have money in the bank. That's fairly common. After all, a little cushion is necessary to tackle daily expenses. But if you're considering filing for Chapter 7 bankruptcy, it's only natural to be concerned about whether those funds will be seized.

The Craig Black Law Firm knows that bankruptcy comes with plenty of questions. That's why I'm here to provide answers. When you call my office in Northwest Georgia, you don't get the runaround. You speak directly to me. Give me a call at 678-888-1778 or fill out this confidential contact form, and I'll be in touch.

What Happens to Your Bank Account in Chapter 7?

When you file for Chapter 7, you're asking the court to discharge most of your unsecured debts, including:

• Credit card bills
• Medical bills
• Personal loans
• Payday loans
• Past-due utility bills
• Some business debts

During the filing process, a trustee will be assigned to review your debts and assets. Your bank balances are considered assets, so they could be seized to repay creditors as your debt is discharged.

There's some good news, though. Georgia bankruptcy law allows you to keep a certain amount of cash after you file for bankruptcy. You won't be able to take a vacation to Tahiti with the funds, but you'll hopefully find that the money is enough to tackle your living expenses.

Will My Bank Accounts Be Frozen?

Some banks have frozen accounts after a Chapter 7 filing, but that doesn't mean it will happen to you. If you bank with a local lender in Atlanta, Conyers, or Sandy Springs, for instance, chances are you won't see an automatic freeze after filing.

The best course of action is to work with an attorney who's familiar with the banks in the Atlanta metropolitan area. The Craig Black Law Firm knows what to expect from lenders in Fulton County, Cobb County, and beyond and can help guide you as you prepare to file.

Can I Still Use My Money?

Bankruptcy filers also often wonder what happens to any funds deposited immediately before, during, and after filing. This is where timing becomes important. Any funds deposited into your account before filing could count as assets. We can help you with the timing so that you keep the funds owed to you.

Some funds aren't subject to seizure as part of Chapter 7. Government assistance, like Social Security and unemployment benefits, is typically protected from creditors during Chapter 7.

Real Answers to Your Questions

At the Craig Black Law Firm, we understand that filing for bankruptcy can be a complicated process. I'm here to answer any questions you have, though, and help you work through your options. If you're considering filing for bankruptcy in Rockdale County, Fulton County, or anywhere else in the Atlanta area, give me a call at 678-888-1778. You can also fill out my confidential contact form to get a call from me.