Chapter 7 in California

After filing for chapter-7 bankruptcy, you are required to give up certain properties known as Non-exempt property. Bank account is one of such property.

Please go through the list of Exempt and Non-Exempt properties in bankruptcy 7 in the following page http://www.debtconsolidationcare.com/bankruptcy/ .

No, you are not required to give up your bank accounts.

If you have a lot of money in them, over the amount that is expemt, that money will go to your creditors, but you will not be forced to close your bank accounts as part of the bankruptcy proceedings.

I only have $50 or so in the account, but I have direct deposits. After speaking with the attorney he advised me to change banks. More than likely, there is some fine print in our banking and credit agreements that states we have to give them our whole bank balance in case of default of the credit card. We owe Wells Fargo thousands in one of their credit cards, but our bank account is with them as well. Guess I will have to go elsewhere, I have an open account with WAMU which was used soley to pay our debt management company, it will now become our primary I guess.