Frozen bank account and debt collection
Your bank account can be frozen by debt collectors, as soon as collection agency obtains a judgment. Your funds can be seized outright or bank accounts get frozen. The law, in general, permits collectors to go after anyone who holds your money, e.g. garnish your wages and/or bank account, or after someone who owes you money. Anyone who owes you money, becomes the garnishee defendant and through the garnishment process, is forced to reveal to the court how much money they owe you. Through an order called a Writ of Garnishment, court will force the bank or your employer to pay a certain part of the money owed to you, into the court registry. Then, the court transfers the money over to a collection agency or whoever holds the judgment. Each state has a limit on garnishment amount, and only disposable earnings can be garnished from wages. So, frozen bank account often means bad news.
Mon Nov 10, 2008 10:11PM by Tony | More in Debt Relief | Comments (0)
Recent Entries
- Does credit check lower your credit score?
- Visa Black Card benefits, fees
- How to reduce taxes legally - tax reduction strategies
- Follow up dispute letter to credit bureaus
- Gold investment forecast - predictions for higher prices
- Discover Card rewards, fees, interest rates
- How to lower your taxes
- Increase credit score 100 points
- Prepaid credit cards to rebuild credit
- Gold confiscation 2010, Obama, pre 1933 gold coins
Categories
- Announcements
- Credit Bureaus
- Credit Repair
- Debt Relief
- Economy
- Gold Investing
- Insurance
- Mortgage
- Personal Finance
- Stocks
- Student Loans
- Taxes
