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If you stop paying your credit card issued through a bank and your employer issues you a check on that same bank can they keep the money to pay the credit card debt?
Wiki User
∙ 12y ago
Generally no, but it depends upon other events and the state you live in. That would take a court order for garnishment of wages.
The procedure goes something like this:
1) You default
2) They harass you to get you to pay it back
3) They charge it off and sell the debt to a 3rd party collector
4) The collector harasses you. Perhaps if the amount is substantial they will file a lawsuit.
5) You either fight the case or they win a default judgment on the debt (most of the time people ignore the summons and lose by default). ALWAYS answer a lawsuit.
6) If they win the suit, they can try to collect depending upon state laws. They can:
- File to garnish wages (I know Texas doesn't allow this)
- Attach any bank accounts they can find
- File liens on property of value
7) One exception to this rule is if you have a checking/savings account at a bank that you owe money to. They can seize those funds as an 'offset' to their likely loss on a default without having to get a court order. You authorized this when you set up your account (in the small print).
Hope that helps
Wiki User
∙ 12y ago
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