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Tricky question regarding freezing Bank accounts


vailcolorado
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Here is in in a nutshell. I have NO assests. House is in my wife's name only. IM in the sate of Missouri. I opened 3 CC to open a business that is almost under. I defaulted and they recently got charged off.( 8k,9k,15k).

Plus I have NO job and wont have one anytime soon. I will be self employeed again.

Discoer,Advanta,Providion(some new bank now)

Discover has already given me a summons..but my attorney is getting is posponed until we decide the best alternative, or cut a deal.

I cant file BK...long story but impossible. Plus, with the new BK laws my family income is too much for the good BK.

All 3 cards are in my name only not my wifes. Two cards I got out with my personal info only but did have my busines name on them, but they never took any business info from me on the application, and was taken strctly on my credit.( becasue my businees had no credit, and still doesnt). No assests in teh business. NONE.

Can they get into my business account? My attorney says lets take these one at a time becasue they can do anything until we go to court and the judge rules first.

Im going to court now with Discover and they suck a$$. They didnt waste anytime ( 1 month after Charge off ). UNless he can cut a deal.

Also, Im confused. IF i alone opened these accounts why does my household income have anything to do with what type of BK I can do? Woulsnt it just be analyzed on me, not my wife?

Thanks

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Can they get into my business account?

It is quite possible. If your business was not incorporated in such a way to protect it, then the account is reachable. Also, if you ever mixed business and personal in the same account, even if incorporated, they can 'pierce the corporate veil'.

Just a note about being self-employed and 'wages'. Don't think that you are safe from garnishment. You would have no 'wages' per se, BUT, ALL of your income would be considered RECEIVABLES and as such, a judgment creditor could take it ALL - not just the percentage they would be limited to for normal wages.

Also, Im confused. IF i alone opened these accounts why does my household income have anything to do with what type of BK I can do? Woulsnt it just be analyzed on me, not my wife?

Not any more. Under the new law, all HOUSEHOLD INCOME is used in the calculation for the means test. That means your wifes income, and expenses, weigh heavily in the process, whereas under the old law it would have to be listed, but may not have made any difference.

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Two words, Limited Liability. Look at Lucas Films... Whenever your going to open a business you really should consider LL as an option to protect yourself from collection if the company goes under.

If your worried about being sued, you can file for BK protection. Chances are since you are insolvent, they may sit on their hands for a year or two before they come after you.

They could most certainly sue you and obtain a garnishment of your wages, bank accounts, and assets. But don't get to worried about it, this process takes a bit of time to do and if and when they do do it, BK will put them on hold.

Good luck to you.

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