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When a judgment has been made against a person will this affect checking or savings accounts in Michigan?


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2005-09-08 13:57:35
2005-09-08 13:57:35

A writ of judgment can be used to levy a checking or savings account that belongs to the debtor. Joint accounts can be partially protected but the other account holder must file the proper documents with the court where the judgment was granted. The bank has no obligation to notify the account holder(s) that the account has been levied. The account holder(s) should remove funds and close the account if at all possible. This can only be done BEFORE the judgment has been executed.

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In most states it is possible for a creditor or collector who wins a lawsuit judgment to execute the judgment against checking or savings accounts even when the accounts are jointly held. how about in the state of Texas

Yes, you can open a savings account if a bank allows you to. Usually banks are not as strict with savings accounts as they are with checking accounts.

No, you can have a judgment against you for a default.

In most states is the lender receives a judgment against the borrower/debtor the judgment can be enforced as a bank account levy.

A checking account is a specific type of bank account, but there are other types. A checking account is a transaction account where you can write checks against the funds in the account. Other types of bank accounts are savings accounts, money market accounts and certificates of deposit.

Yes, any type of judgment will allow the creditor to levy on the debtor's bank accounts. Since it is a default judgment, it might be possible to apply to the court to have it set aside, if the circumstances are right.

A judgment against one partner has the potential to affect both parties. The person who placed the judgment can have wages garnished, place a lien on your home or get a court order to access your bank accounts.

NO * No, owing a judgment is not a criminal offense. The judgment creditor can execute the judgment against debtor's property to recover monies owed. The preferred method of collecting on a judgment is wage garnishment or bank account levy (including joint accounts). Other options available to the judgment creditor are the seizure and liquidation of non exempt property belonging to the debtor, or liens against real property.

Actually, the only way for them to do that is if they have been awarded a judgment against you, if they don't have one than they shouldn't be freezing anything. If they do have a judgment on you and have file a writ to attach you accounts than it is only for the amount they were awarded in the judgment.

You don't file a judgment you file a lawsuit against a company. A judgment is what you get if you win the legal battle.

If there is a judgment AGAINST you for fraud, then NO, such a judgment WILL NOT be discharged.

A creditor can garnish wages or attach assets if they have obtained a judgment against the debtor.

If there is a judgment against you, the best thing to do is to pay. It will remain on your record indefinitely if you do not. You can argue the judgment in court, but once a judgment is entered it will likely not be reversed.

It is a court order against the debtor to pay the creditor what is due. The judgment can be satisfied in several ways, wage garnishment is the usual one. Levy against bank accounts. Liens against property. The liquidation of non-exempt assets. And sometimes (rarely a homestead) the forced sale of property on which a lien has been placed.

Can someone collect my income tax return for a judgment against me

Judgment (judgment lien) collection procedures include: *Examinations--you have to come to court and answer questions *Garnishment of bank accounts or wages *Execution on motor vehicles or boats *other procedures that vary from state to state

If there is a valid judgment against the account holder, the judgment creditor can levy the bank account to recover the monies owed according to the terms of the judgment and the laws of the state in which the account is held.

A judgment creditor can execute the judgment in whatever methods are allowed under the laws of the state in which the judgment debtor resides. The preferred method is by wage garnishment. Other possible methods are, levy of bank accounts (including those that are joint) seizure and liquidation of non exempt property belonging to the debtor and a lien against real property or the portion of such that is owned by the debtor.

It depends on the details. If the business was incorporated and the judgment was against the corporation the creditor can only take business property and assets. If you owned the business as individuals then a judgment creditor can take any of your assets to satisfy the judgment: bank accounts, vehicles, boats, equipment, real property, etc.

The creditor would need to obtain a lawsuit judgment from the Texas court before wage garnishment would be allowed. Texas only allows garnishment of wages when there are no other means for a judgment creditor to collect a debt owed. If a judgment has already been entered against the debtor in a different state, the judgment creditor can place a "foreign" judgment lien against property owned by the debtor.

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