Internet's first get-out-of-debt community - 123,000 members

Shagirl · Posted: Mon Jun 16, 2008 11:04 am Subject: BANK ACCOUNT LEVIES

Can a creditor that has a judgment against my fiance put a levy on our bank account if I am also on the account?
I want to make sure my money is protected. Should I open my own account for "my" money?
Or, does the fact that he is not the only person on the account "protect" it from such actions.

Thanks.

Posted: Mon Jun 16, 2008 11:35 am Subject:

Since it is a joint account, I believe the money is considered to belong to both of you equally. Therefore, they would be able to levy the account. Probably what would happen is that the bank would freeze the account. I think at that point if you could submit proof of your funds, those funds might be released to you. It's probably easier to just have your own account to start with if you think your fiance's account may be levied. I'm not an expert, so others may have additional advice.

Posted: Mon Jun 16, 2008 11:58 am Subject:

I personally would open an account for only your money just to be on the safe side.

Guest · Posted: Mon Jun 16, 2008 12:34 pm Subject:

It might be tough now also because if they have banking information and there is a decent amount of money in that account, if you suddenly pull yourself off it, they will know. I believe they are still able to go after it because it makes it look as if you are dodging them.

Someone might be able to concur this.

Posted: Mon Jun 16, 2008 3:53 pm Subject:

If the judgment is not against you you can certainly pull your money into a separate account and it should be safe as person whom the judgment was filed against is not a account holder.

Posted: Mon Jun 16, 2008 5:02 pm Subject:

As long as it is a joint account, it is just as much his money as it is yours. There is no distinguishing yours vs his in a joint account; and so in creating a joint account, you have essentially given your fiance a free-for-all on your money. Which means, his judgment creditors can attach any of his assets including that joint bank account.

Get your money out of there and into your own account! If they manage to seize the account, you can't touch it, and that might leave you wondering how to pay your bills.

In reference to the guest saying not to because it will look like dodging -- It can look like whatever they want to think, but there's nothing illegal about transferring money unless a court actually ordered you not to touch the money. As long as the court has not issued a freeze order, you can move that money wherever you want.

Posted: Mon Jun 16, 2008 5:51 pm Subject:

I agree with what everyone else has said. I would for sure get your money out of the account and get your own. That way you don't have to worry if they do levy the bank account you will still have money to take care of your bills and daily life expenses. It's better safe then sorry in this situation you don't want to be put in a situation of not being able to pay your bills because of a freeze on the account. And like a previous poster has stated there is no yours and his if you have a joint account it's considered equal so they wouldn't take time to worry about how much you've put into the account v/s how much he's put in. They would freeze everything in the account.

It's for sure a better idea to go ahead and get your own account so you don't have to worry about what could possibly happen to your money.

Johnita

Shagirl · Posted: Tue Jun 17, 2008 6:05 am Subject:

Thanks for the info guys. Just to clarify, the joint account is only for household expenses. I still have my paycheck directly deposited to my own account and then I transfer money into the joint account to pay the mortgage and such. But I think now I will just pay everything from my account and keep the joint one with a $100 balance until we have this thing vacated. THANK YOU ALL!

*Name:
*Email:
*Phone:
*Zip:
Debt

	* denotes required field

Internet's first get-out-of-debt community - 123,000 members

BANK ACCOUNT LEVIES

Members Area

Free Debt Counseling

Ask the community

Featured Discussions

Featured Articles

Question of the Month

Useful Links

Recent Forum Discussions

Recent Blog Post