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Simple English definitions for legal terms

administrative freeze

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A quick definition of administrative freeze:

An administrative freeze is when a bank stops a person from taking money out of their account because they have filed for bankruptcy and owe money to the bank. This means the person cannot access their own money until the issue is resolved.

A more thorough explanation:

ADMINISTRATIVE FREEZE

An administrative freeze is when a bank stops a debtor from withdrawing money from their bank account after finding out that the debtor has filed for bankruptcy. This usually happens when the debtor owes money to the bank and still has funds on deposit.

For example, if John owes $500 to Bank A and has $1000 in his account, Bank A may put an administrative freeze on his account after finding out that John has filed for bankruptcy. This means that John cannot withdraw any money from his account until the bank releases the freeze.

Another example is if Jane has a credit card with Bank B and owes $1000. She also has a savings account with Bank B that has $500. If Jane files for bankruptcy, Bank B may put an administrative freeze on her savings account to prevent her from withdrawing any money until the debt is paid off.

An administrative freeze is a way for banks to protect themselves from losing money when a debtor files for bankruptcy. By freezing the account, the bank can ensure that they get paid back any money owed to them before the debtor can withdraw any funds. This can be frustrating for the debtor, but it is a necessary step to ensure that all debts are paid off fairly.

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JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
soyalmondoatmilk
8:38
good morning! hoping waves will come our wave today
8:42
GW wave today?
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