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How do creditors determine where you bank to seize your account?

Plano, TX |

I have closed my accounts because I was told that the credit card company suing me will probably attack my accounts. Now I am trying to figure out how to conduct business without a checking account. Any suggestions on how to get a bank account? Could I use a EIN instead of my social security number along with a new business name?

Attorney Answers 3


It is unlikely that you will be able to get the kind of help you need on here because you are essentially asking us how to defraud your creditors. If there are judgments against you and your debts are adding up, now might be a good time to consult with a bankruptcy attorney.

I wish you the best of luck.

The information provided in this post is not "legal advice." Rather it is general information on common legal issues. If you have questions concerning your specific situation, it is always best to consult an attorney in your area.

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call it defrauding my creditors or trying save the roof over my head and trying to eat. It's not like a woke up one morning and said I don't want to pay these bills anymore and I am taking trips to Europe or something. If you have $1000 in your account to buy groceries, pay your utilities and now someone wants to take that money you might want to figure out a way to hide it as well. I think the credit card companies defrauded me. They took the risk by running my credit and giving me the money. It didn't pay off so they should suck it up and move on. If I buy a stock and it drops does the company give me my money back. No. I took the risk so I lost. If they are running our credit to see if we are less of a risk than they shouldn't be able to pursue it at a later date if something goes wrong. If they can hide behind all their terms and conditions and change them at will then I see nothing wrong with me wanting to feed my family. I don't drink, smoke or gamble so as I said it's not like I am out buying new cell phones, on section 8 or trying to beat the system. Medical issues caused this situation. I made 13 million in 2002. I will make maybe $15k in 2012. How's that for hiding or defrauding as you state.

Patrick Begley

Patrick Begley


Hi. I wasn't making a judgment on you as a person and I didn't mean any disrespect, I was simply trying to explain to you how a court could view that conduct and why a lot of lawyers weren't answering your question. There are a whole lot of things going on with your facts here, if your business is a separate corporate entity (such as a corporation or LLC) the bank accounts should be exempt from seizure by creditors (assuming you followed corporate formalities. But there is too much unknown here to know how your accounts will be treated. That being said, most unsecured consumer debts (such as credit cards and medical debts) are dischargeable in a bankruptcy. I really think your best option is to consult with a bankruptcy attorney. Most offices offer free consultations. Depending on your circumstances you may be able to discharge your debts and continue operating your business. But again, all of this depends on your specific situation.


Corporate accounts, if you have a corporation or an LLC and the corporate is not the debtor, can be used for corporate income and expenses. You own the shares, but the company is a separate entity.

Personal accounts have to be registered with an SSN. The bank will not take an EIN because it is not a business account (even then, they will put someone's SSN on the account).

You can try all cash and make it harder, but you cannot hide assets.

Mr. Goldstein is a Virginia-licensed attorney only. The information is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation. Answering this question does not in any way constitute legal representation. Contacting Mitchell Goldstein or the Goldstein Law Group does not constitute legal representation, nor is any information you provide protected by attorney-client privilege until otherwise advised.

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There are legal and illegal ways to obtain bank account information. You have no way to know what the creditor will do.

One way to conduct business--use of pre-paid cash cards, check cashing stores, using a bank that is local, or a bank outside of TX that you can scan checks into to make deposits.

You can also obtain an EIN, as you mentioned.

Or, have you considered making payment arrangements? Look at all the time and $ you will be spending and going through to avoid the creditor being able to garnish your accounts. Do you really want to live life looking over your shoulder all the time?

Give it some thought.

I hope you found this response to be of assistance. This response shall not be considered the rendering of legal advise but instead a general response to a general question. While Avvo is a wonderful resource, nothing can be a substitute for an in-depth consultation with an attorney in the jurisdiction in which the law is to be applied. This response shall not be deemed to create an attorney-client relationship, nor shall it create an obligation on the part of the attorney to respond to further inquiry from the questioner.

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