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Can a creditor seize your bank account if your income is not enough?
Wiki User
∙ 14y ago
A creditor can not seize your account unless: 1) They are also your bank and you signed agreements allowing "right of offset" where the bank can take funds from your accounts to satisfy delinquent loans you have with them. 2) Your creditor obtained a court order allowing them to attach funds or place a levy on funds. Insufficient income is grounds for credit denial but I am not aware of any possible situation where funds in a bank account may be frozen or taken when a loan is current and low income is the only problem.
Wiki User
∙ 14y ago
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Can a creditor seize your checking account after you file bankruptcy?
Not without the approval of the court
Can a creditor garnish wages and seize money from a bank account in Michigan?
A creditor can garnish wages or attach assets if they have obtained a judgment against the debtor.
Can retirement income be garnished by creditors?
Yes, that is true but the bank can go to court and get a judgment against you then call the county sheriff to go to your house and seize your personal assets from your house to satisfy the debt! No. Not directly but according to Carol: http://www.creditmagic.org/garnishment/card-debt.html Social security benefits can only be garnished for recovery of Federal Taxes and alimony and child support obligations but, it cannot be garnished for recovery of credit card or any other types of debt. However the creditor can bring judgment against you to garnish your bank account. If the creditor garnishes your bank account then your account may be debited in full whenever any money gets credited in the account.
Obligation to pay to another a certain amount of money which has collateral that the creditor may seize?
secured debt
Can foreclosure take a 401K?
Not directly. However, if there is a balance owed on the mortgage once the property has been sold, it is possible in some states for a judgment creditor to seize monies from the account. Please keep in mind that 401K is better protected from creditor judgment by ERISA than an IRA which makes it unlikely that seizure action would occur.
Can a creditor seize your checking account after you file bankruptcy?
Not without the approval of the court
What property can a judgment creditor attach if you do not own real property or vehicles and the only money in your checking account is from regular wages?
They can garnish your wages. Texas only allows a judgment creditor to garnish wages if the creditor has no other options available to execute the judgment. A judgment creditor can levy a bank account including a joint account or a joint marital account. Regular earned income (wages) deposited into a bank account are NOT exempt from creditor seizure. The creditor may also seize and liquidate any non exempt assets belonging to the debtor (bonds, stocks, jewelry, livestock, a specified amount of tools of trade, in some cases household furnishings, etc). Texas is a community property state, therefore, it might be possible for the judgment creditor to seize joint marital property even if only one spouse is the debtor. Some income, however, cannot be attached by creditors or persons who prevail in a lawsuit. For example, disability income, Social Security income and military retirement income cannot be garnished or attached by a creditor.
Does a creditor who you owe money to have the right to seize your bank account in California if they bought out that bank?
yes
Can a creditor garnish wages and seize money from a bank account in Michigan?
A creditor can garnish wages or attach assets if they have obtained a judgment against the debtor.
In Texas can a creditor judgment for an unpaid phone bill be enforced as a wage or tax refund garnishment or a bank account levy?
A judgment creditor can levy a bank account even if it is joint. A judgment creditor can only garnish income if there is no other way to recover monies owed. A judgment creditor can place a lien against real property but cannot perfect the lien as a forced sale of a primary residence. A judgment creditor cannot seize a tax refund.
In Texas can a judgment be used to seize an income tax refund?
No if it is for creditor debt. Yes if it is for child support or tax arrearages.
How do you seize a personal tax refund after obtaining a judgment against the person in new york state?
A judgment creditor cannot seize a refund, that action is only available to the IRS, state tax agencies or state child support enforcement agency. The judgment creditor would need to levy the debtor's bank account, garnish income or enforce the judgment by other means allowed by the laws of the debtor's state.
Can a creditor seize your tax refund?
If the creditor is a government agency, then yes. If the creditor has not won a court settlement to garnish your wages, then no.
Seize bank account for credit card debt?
If your bank account has been seized because of a debt you owe, you should call and work out a payment arrangement with the creditor. You should also start a new bank account.
Can the credit card co take your state income tax return you file joint with your husband who is retired?
No. A creditor cannot seize any property belonging to a debtor until said creditor sues the debtor(s) and receives a judgment order.
When can a bank seize funds from your account?
A creditor cannot seize your bank account. A creditor can sue for payment, and a court could order you to pay, but even then your bank account would not be seized. Sometimes paychecks are garnished, meaning a portion of them are taken to pay a debt, but only when ordered by a court, and never the entire amount of the paycheck. Bank accounts can also be frozen by a court, when there is a legal dispute that involves that account. Freezing an account prevents any transactions, but it is not the same as seizing the account.Another View: Disagree, in part, with the above answer. While the lienholder cannot "seize" control of "your bank account" IF the respondant is attempting to shield their assets against a court ordered lien judgment, the judge CAN order that funds equal to the judgment be paid to the plaintiff from the identified account.
Can a judgment creditor seize legally owned firearms?
most likely, property is property
