your creditor can serve you with a discovery subpoena so it knows what to put on its request and order to seize property. This will require you to go to court and
Creditors with a judgment may alsofreeze your bank accountto recover the debt. This process, known as a bank levy, allows them to withdraw funds directly from your account. State laws govern how much money can be seized, ensuring some funds are protected for basic living expenses. With...
Falling behind on your loan or credit card payments is never a pleasant situation to be in. You're probably wondering how this may affect your tax refund. Watch this video to find out more about how judgments can affect your tax refund.
A creditor can place a lien on your bank account by obtaining a writ of garnishment, which orders the bank to place a hold on your accounts. This hold goes into effect from the moment the bank receives the court's order. The writ prohibits the bank from paying any checks drawn on your...
funds. Following a short holding period, during which time you can dispute the action, the bank then releases the funds to the creditor. You may not withdraw or transfer funds from your account while it's frozen, although a creditor cannot seize more money from the account than what you ...
If you default on your credit card, you are at risk for having the money in your checking account seized to settle the debt. Typically, the creditor will need to get permission to do this from the courts first. Same Bank When you put money in a bank, that institution has the right to...
When a bank receives a garnishment order from a creditor, they usually are not required to examine the consumer's account to verify if any deposits by check were Social Security benefit payments. If someone has outstanding consumer debt and is receiving Social Security benefits, they may want ...
Sharing Account Information If you provide your bank account information to a collection agency, the information must be kept private. Under the FDCPA, information must be kept between the individual, the creditor, an attorney representing one of the parties, and a credit bureau. Any personal inf...
Social security, bank account, and credit card numbers aren't just data. In the wrong hands they can wipe out someone's life savings, wreck their credit and cause financial ruin. — Melissa Bean 13 Don't cut up your credit cards, the problem is not the cards, it's the lack of fin...
If your debts become unmanageable, you have the option of filing for bankruptcy protection. Federal law allows you to petition for a legal discharge of your debts, while a trustee takes control of your assets to repay secured loans.