Law Office of Rick Morin, PC

There are many moving parts when a person is considering filing a Chapter 7 or Chapter 13 bankruptcy. One important consideration is where you have bank accounts.

To be blunt: Wells Fargo is the worst bank on the planet. Just this week Wells Fargo repossessed a car of one of my clients. They did so without warning, despite telling both me and my client that they would set up a time to voluntarily surrender the car.

By taking my client’s car without warning, my client was stranded with no way to pick up her children from school. Thanks, Wells Fargo.

Adding insult to injury is the fact that my client and I had tried for months to surrender this car. Wells Fargo insisted upon receiving the Court’s permission before doing so. That’s fine. But then swooping in during the middle of the day and taking my client’s car full of her personal property? That’s not OK.

Wells Fargo “customer service” and their “bankruptcy department” were of absolutely no help. Dealing with mega banks like Wells Fargo is only slightly more fun than hitting your hand with a huge hammer.

The story above is just one reason why you should not bank at Wells Fargo, especially if you are filing bankruptcy. I advise all of my clients to close any bank accounts at which the client owes money. This is because most banks will close your accounts anyways. Some, like Wells Fargo, are known to freeze any money in your accounts upon the filing of a bankruptcy.

It is important to get all of your ducks in a row prior to filing your case. As you can see, banking arrangements should be at the top of your list. It may be difficult to open a new bank account after the filing of your case. It is a good idea to open your new checking and savings accounts prior to filing.

Please call my office if you have any questions about the steps you should take prior to filing Chapter 7 or Chapter 13 Bankruptcy in Sacramento. I am happy to help. I can be reached at (916) 333-2222. And remember, don’t bank at Wells Fargo.