Bank Levies and Frozen Bank Accounts
Date: Wed, 11/18/2009 - 22:32
Going for your pay is easier for them to collect, that is why it
Going for your pay is easier for them to collect, that is why it is protected so heavily. Bank accounts are tougher for them to find. Some states don't allow a pay to be garnished at all but a bank account can be attached. The best thing to do is put a child or relative on the account that you have other than a spouse. If you do that, the bank account cannot be touched. If you have a spouse on it or you are the only person on a bank account, they can and will take from it.
If you get a bank levy against you, you notify the bank you have a joint account with someone else and that their money is in there too, then the bank levy cannot be honored. It is not a matter of not keeping money in there, it is a matter of a freeze on your account so money can go in but you can't take money out, only the company who put the freeze to garnish your account for a judgment can take the money out.
So your 2nd loop hole is right, don't deal with a bank at all and stop direct deposit. Pay everything in cash or money orders, western union.......Your first loop hole is to keep the account open and put a child or relative other than a spouse on the account.
Most of all, don't get sued. Answer every debt collection letter with a DV letter. Keep watch on your credit reports, watch your last payments on defaulted accounts and the statute of limitations. If a debt collector messes up, sue them with an attorney and have the debt wiped out.
Hope this helps.
even if you someone else as a joint acct, it is comingled funds,
even if you someone else as a joint acct, it is comingled funds, they can collect if they do turnover proceeding, they need to show which money belongs to who.
there was an update to the law 10/01/2010. Now the limit for wag
there was an update to the law 10/01/2010. Now the limit for wage granishment is 750 per week.
Quote:Originally Posted by AnonymousGoing for your pay is easier
Quote:
Originally Posted by Anonymous Going for your pay is easier for them to collect, that is why it is protected so heavily. Bank accounts are tougher for them to find. Some states don't allow a pay to be garnished at all but a bank account can be attached. The best thing to do is put a child or relative on the account that you have other than a spouse. If you do that, the bank account cannot be touched. If you have a spouse on it or you are the only person on a bank account, they can and will take from it. If you get a bank levy against you, you notify the bank you have a joint account with someone else and that their money is in there too, then the bank levy cannot be honored. It is not a matter of not keeping money in there, it is a matter of a freeze on your account so money can go in but you can't take money out, only the company who put the freeze to garnish your account for a judgment can take the money out. So your 2nd loop hole is right, don't deal with a bank at all and stop direct deposit. Pay everything in cash or money orders, western union.......Your first loop hole is to keep the account open and put a child or relative other than a spouse on the account. Most of all, don't get sued. Answer every debt collection letter with a DV letter. Keep watch on your credit reports, watch your last payments on defaulted accounts and the statute of limitations. If a debt collector messes up, sue them with an attorney and have the debt wiped out. Hope this helps. |
does that mean if i put a relative on a joint account they can not put a bank levy on it
This is NOT true! I am a Florida resident and my checking accoun
This is NOT true! I am a Florida resident and my checking account was just levied 2 days ago from a credit card company debt for a judgement that was placed against me 2 years ago! I had NO IDEA that is was coming nor did I know that credit card companies could do that! My account is in my name, my husbands name and my daughters name and I am now unable to access my account at all and it's showing that I am over $6,500.00 in the negative!!! MERRY CHRISTMAS TO ME! I have been on the phone for 2 days now trying to get this resolved. Any advise or input would be appreciated!!!
