In SB Chapter 11 Bankruptcy the petitioner is also the Trustee for the bankruptcy. Which is legalize for saying we had to be responsible for our own monthly financial reports to the Court. Part of the requirement of the 11 is to close all accounts, business and personal, and reopen only Debtor In Possession (DIP) accounts for the Court to monitor. This is done so the Court can charge you a monthly fee assessed against how much money you run through the accounts. Monthly reporting obligations are massive and then you pay the Court a fee for your efforts. Nice.
One of the requirements is that we had to bank at a Court-approved bank. We were given a list and there were just a couple of banks we could chose from. We ended up with Chase Bank which has been a great experience for me, if I can apply great to the experience of sobbing at the desk of my personal banker after spending three hours opening four "Debtor In Possession" accounts and closing our regular accounts. (For a while I was handling nine, N-I-N-E, bank accounts and trying to be accountable to the Courts.) One negative with Chase was that one of their inhouse regulations is that we could not have debit cards. Soooo, cash or check only. That was really tough.
Anyway, the tearful breakdown at the desk of Eric, my personal banker, bonded us in this journey and he has been really helpful to me ever since. He and his colleagues have bent over backwards to accommodate my banking dramas such as making sure when I deposit a check they walk the check through the system so that the funds are released as soon as possible - usually overnight. That has been a great help. Also, the Chase App for the Iphone is a lifesaver! I couldn't live without it. I can check my balances, transfer money, pay bills and deposit checks on my phone. It is a lifesaver. I highly recommend it!
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