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There are some cases where your bank account can be taken for the payment of debts owed, notably the IRS, Student Loans and Child Support. There may be private lenders who can do this, too.
What you will need to do is to either consult with an attorney in your area, to get answers that apply specifically to your situation, or consult with your local bank representative. Or both.
Meanwhile, you may wish to keep only a minimal balance in there, say of $5. And you may wish to have your company no longer direct deposit into that account. Nor have other creditors automatically remove your payments to them each month.
Inconvenient, but it may save you some hassle if things go south.
What else can I help you with?
What is a judgment mean in a reposession?
It is the difference between the amount owed and the amount the collateral sold for, then minus all applicable fees. It is what you will be required to pay to the creditor.
Is the original creditor required to notify you of debt before using a third party collection agency?
Yes, the original creditor should have notified you that you had an outstanding balance. The creditor also notifies you that they will be submitting your debt to a "third party" collection agency. This is usually the final notice before your debt is sold. If you never received a notice, it is not required that the original creditor send you notice, all it is is common curiosity that they do.
Is a creditor required to notify a co-borrower of a potential default before submitting negative information?
Your question reads, "Is a creditor REQUIRED.." If you mean "by law," the answer is mostly no, but it varies from state to state. If you mean "by common decency," then I should answer Yes. Most times, if the co-borrow is a wife or significant other, the creditor will not bother to notify the co-borrower. However, "defaults" come in all shapes and sizes. Some are reversible, like a negative credit reporting. Some are not, as in a Judgment.
If a person has not missed a payment to a credit card company and they cancel him can they garnish his wages?
If the account is considered in default because the payments were not the minimum required, then a creditor has the option to pursue litigation against a debtor. Before a creditor could garnish the wages of a debtor a lawsuit would have to be undertaken and a judgment entered against the debtor. The judgment could possibly be executed as a wage garnishment according to the laws of the debtor's state of residency.
How do you get rid of judgment?
Valid judgments remain on the debtor's credit report for seven (7)years. They cannot be expunged before that time. If the debtorpays or settlesa standing judgment it will be marked"satisfied" itwill, however, remainfor the required time limit. Most judgments are renewable. When a judgment is renewed it can be reentered on the judgment debtor's credit report. If that happens it will remain for another seven (7) years until paid. This is only one of several reasons why judgment/liens are extremely damaging for a judgment creditor.
What is a judgment mean in a reposession?
It is the difference between the amount owed and the amount the collateral sold for, then minus all applicable fees. It is what you will be required to pay to the creditor.
What is a supercedeas bond?
A supercedeas bond is a type of surety bond that allows a judgment debtor to delay or stay execution of a judgment during an appeal. It guarantees that if the appeal is unsuccessful, the judgment creditor will be paid. This type of bond helps protect the judgment creditor's rights while preserving the judgment debtor's ability to appeal.
Can a creditor freeze bank accounts in New Jersey?
A judgment creditor can levy a bank account(s) held by the judgment debtor. An account can be frozen by the court when it appears that funds might be removed and/or transferred to avoid the judgment levy or to allow the judgment debtor to claim exempted funds in the account(S) or when the account is jointly held by a person who is not a judgment debtor. A joint account holder who is not a judgment debtor is required to present documents proving to the court the amount of funds that belong to them and which are not subject to a judgment levy. In some instances when an account is held jointly by a married couple and only one spouse is the named debtor the entire account will be exempted from a judgment creditor levy.
Are you required to appear in court before your wages can be garnished?
No, the defendant (debtor) does not have to appear at the date of the hearing. A non appearance usually results in a default judgment being entered against the debtor. The debtor will receive a notice of final judgment before the judgment creditor can take steps to have the judgment executed.
Is the original creditor required to notify you of debt before using a third party collection agency?
Yes, the original creditor should have notified you that you had an outstanding balance. The creditor also notifies you that they will be submitting your debt to a "third party" collection agency. This is usually the final notice before your debt is sold. If you never received a notice, it is not required that the original creditor send you notice, all it is is common curiosity that they do.
How long does it take a creditor to garnish your wages in Tennessee?
A creditor may (but is not required to) issue a garnishment as soon as a judgment becomes final (10 days in general sessions court or 30 days for circuit or chancery court). After an employer receives notice of the garnishment, the employer has 30 days to answer. The employer will then begin withholding wages and sending them to the court.
How can you put a lien on a creditor's vehicle to pay the judgment they owe you?
The creditor is the person who has loaned the money not the person who owes the money. The debtor owes the money and a lien is placed against that person's property by the lender obtaining a judgment through the proper legal procedure that are required in the state in which the debtor resides. Usually the creditor will need to sue the debtor in small claims or other state court in the county in which the debtor lives. Mechanic Liens can be recorded with the clerk of deeds or land record office by presenting the proper documents and following the methods required by the laws of the debtor's state.
Is it legal for a creditor not to accept the full payoff of a judgment choosing to keep it on your credit report with no intentions on executing it?
It's not illegal for a creditor to refuse payment in full, but it would be a very unusual for them to do so. A possible problem might be that the debtor is attempting to make an agreement to pay the account or judgment if it is removed from the person's CR, however, that is not possible. An account that is paid in full that contains adverse information will remain on the credit report for the required seven years and be noted as "paid as agreed" or "paid in full". A creditor or collection agency cannot have the account removed from the report once the entry has been made. A paid judgment will also remain on the CR for the required seven years even though it has been paid.
Can a judgment creditor force the sale of a home if it does not have a mortgage attached?
It depends on whether the judge determines that the house is "necessary" and if it is a significant financial resource. If you have a lot of equity and the house is a little "ostentatious", he/she may determine that it isn't really necessary and that you can get by with a much more modest house. But it will all depend on the determination of the judge. * Although it is possible in the majority of US states for a judgment creditor to file a lien against real property, perfect the lien and then request a forced sale, the action is rarely implemented by the judgment creditor. In most cases the state or federal homestead exemption will protect a primary residence from a forced sale. Please be advised that a homestead exemption is not always automatically covered by state law and the homeowner is required to file a declaration of homestead for a primary residence to be protected. Also, a few states (Texas is one) have established laws that directly forbid the forced sale of a primary residence by a judgment creditor.
Is a creditor required to notify a co-borrower of a potential default before submitting negative information?
Your question reads, "Is a creditor REQUIRED.." If you mean "by law," the answer is mostly no, but it varies from state to state. If you mean "by common decency," then I should answer Yes. Most times, if the co-borrow is a wife or significant other, the creditor will not bother to notify the co-borrower. However, "defaults" come in all shapes and sizes. Some are reversible, like a negative credit reporting. Some are not, as in a Judgment.
If a person has not missed a payment to a credit card company and they cancel him can they garnish his wages?
If the account is considered in default because the payments were not the minimum required, then a creditor has the option to pursue litigation against a debtor. Before a creditor could garnish the wages of a debtor a lawsuit would have to be undertaken and a judgment entered against the debtor. The judgment could possibly be executed as a wage garnishment according to the laws of the debtor's state of residency.
Are you required to appear in court if you are sued by a debt collector?
No, but if the defendant does not make an appearance a default judgment will be entered in favor of the plaintiff and can be used by the creditor to garnish the debtor's wages or take other action to recover the debt owed.
