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Is it legal to set up an offshore bank account so that a court order cannot take money from your accounts?
Wiki User
∙ 18y ago
It is illegal to "conceal" assets offshore form the IRS, and/or to deny the possession of such assets in a written or oral statement when there is pending action or a judgment in place for creditor debt, alimony, restitution for personal injury suit and so forth. The reliability of offshore asset depositories are dicey at best and may become a nightmare rather than a haven for the depositer. If the action is in anyway connected with bankruptcy or any federal litigation such as the IRS, it is considered a federal felony and carries a mandatory prison sentence of 5-years for each count of which the person is found guilty.
Wiki User
∙ 18y ago
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Can the police freeze your bank account for a minor hit and run?
No. In the US the police cannot freeze your bank account. That would require a court order.No. In the US the police cannot freeze your bank account. That would require a court order.No. In the US the police cannot freeze your bank account. That would require a court order.No. In the US the police cannot freeze your bank account. That would require a court order.
Can creditor garnish your children saving accounts?
A court can order the garnishment of any account associated with your Social Security number, including your children's savings accounts. You can petition the court to have savings accounts excluded.
Can the lender freeze a bank account?
Bank accounts can only be "frozen" by a court order. A lender can request a court to take such action if it can be proven that the debt has plans to remove the funds from such accounts. Bank accounts can also be 'frozen' when they are jointly held so the non debtor account holder can provide documents to the court showing the portion of the funds in the account that belong to them and are exempt from a judgment creditor.
Can a divorce in progress mean a frozen back account?
When a divorce proceedings are in process the court can freeze a bank account. The court has the option of freezing accounts to ensure the proper division of property.
Can a bank unfreeze a court order blocked account?
No. The bank cannot override an order of the court.
Can creditors garnish joint savings accounts if one party on the account is not named in lawsuit?
In most states, creditors can garnish any account joint or not as long as the person they are trying to collect from is on that account. Sorry. The non debtor account holder should supply proof of the amount of funds held in the account that belongs to them. The court will then decide which funds are subject to levy. An exception to the levy of joint accounts is if the account is held by a married couple in a state that recognizes Tenancy By The Entirety of personal property, in such a case, the account cannot be levied when only one spouse is the debtor.
Can executor transfer property to estate account?
If they have been duly appointed by the probate court they have been granted the authority to settle the estate under the supervision of the probate court. They have the power to close accounts and manage an account for the estate.
What does it mean to freeze assets and bank account?
It means, someone has put a blocker on your assets and bank accounts. It means, you cannot withdraw cash, make any transactions on the account, or sell any of those assets until further notice. This usually happens when law enforcement authorities suspect any illegal activities on your accounts. For ex: if they feel that you are harboring terrorists, they can freeze all your assets and bank accounts until you are proven innocent.
How can adult children gain access to a deceased parent's bank and investment accounts in New York?
Unless the person is the executor of the deceased's estate or is a joint account holder then he or she cannot gain access without an order from the state probate court.
Can a creditor put a freeze on your bank account?
No. No creditor has the right to freeze a bank account - only the court has the right to do so. Now, if a bank account or any asset with value has been offered as security to the lender, then it is possible that the lender may seek a legal remedy to obtain the asset, however, that remedy is conducted through a civil suit. If the court finds the lender to be in the right, they will rule as judging against the defendant(s) and will provide legal recourse to the lender to obtain an appropriate settlement (but the lender still cannot freeze an account). A bank account can only be frozen by the court in which a suit has been filed against the account holder. The reason for this is to prevent the debtor from removing monies from the account, closing the account or transferring ownership of said account. Accounts that are allowed to be held as TBE by married couples cannot be levied if only one spouse is a debtor. (TBE accounts are not available in all US states and none are allowed in community property states).
Are there garnish bank accounts in South Carolina?
Yes, a creditor can garnish a bank account in South Carolina. The creditor will have to obtain a judgment from a court before a bank account can be garnished.
How does executor of a will access a checking account?
First they need a letter of authority from the court. They present that to the bank and will be able to access the account.
