The creditor may also place liens on your property, freeze your bank accounts or seize non-exempt assets, like real estate or other valuables. While this doesn't force an immediate sale of your assets, it can complicate future transactions like selling or refinancing loans on your property. Th...
Bank Garnishment 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...
If you have looked atyour budgetand realized you simply can afford your debt payments at the moment, talk to your lenders. Default isn't only bad news for you — it is for your creditors as well. Yourmortgage lenderwill probably do their best to work with you to prevent foreclosure and ...
Answer to: When a bank has a fixed charge on an asset and another has both a floating and fixed charge over the asset of a company, what happens...