Legal Question in Bankruptcy in California

I was planning to file Ch7 this week but I have a concern about my family's business(C-Corp) which I am a signer on the Wells bank account and also on the Wells Merchant Account (credit card processing) I have no stock in the business. I have an auto loan with Wells Fargo Bank which I want to include in the BK. I was told that Wells Fargo freezes accounts that are assocaited with the person that files BK. I can remove my self from the checking account but I am concerned about the Wells Fargo Merchant account that I am assicated with (two of us are on the account). Worried that they will close or freeze the account. Please let me know if anyone has familiarity with this. Thanks


Asked on 9/25/12, 3:32 pm

1 Answer from Attorneys
Christine Wilton Law Office of Christine A. Wilton

I can tell you that Wells Fargo will freeze bank accounts that have your name on them. Whether they will freeze a merchant account or business account, I would say that if your name is on the account Wells Fargo will surely freeze it. Good luck.

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Answered on 9/25/12, 3:54 pm


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