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LSDefine

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.

administrative expense | administrative interpretation

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[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
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