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Ask Terry L. Your Own Question

Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2517
Experience:  Better Business Bur 15yrs bankruptcy experience. Chicago Bar
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I may be facing a judment from a credit card debt (with Capital

Resolved Question:

I may be facing a judment from a credit card debt (with Capital One) for $11000, once they get a judgment can they lien or garnish my bank account which has about $25000 balance? Also, my only two sources of income are long term disability from Allstate Insurance (my former employer) and social security benefits, can they attach or garnish this income? I am a California resident. Thank you, XXXXX XXXXX
Submitted: 3 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 3 years ago.

Terry L. :

Hi and thank you for your question. In the future, you can request me to answer any further questions.

Terry L. :

Yes, once a creditor obtains judgment, they can garnish wages, freeze/seize bank accounts, put a lien on real estate to satisfy the debt.

Terry L. :

a bankruptcy case stops this instantly once filed though, so if you are planning to file, the sooner the better.

Terry L. :

They will not garnish social security, but disablity may be offset to pay this debt

Terry L. :

do you have any further questions? >

Customer:

I did not know that they could freeze or sieze my bank account (I knew they could lien my house, but no equity at all), how long does it take for them to get the money out of my account to satisfy the judgement? Good news on the Social security, but when you say the disability may be offset to pay the debt, does that mean they can garnish the payments from Allstate (my former employer who pays my lifetime disablity)? Thank you

Terry L. :

Once they get the judgment, they can sent that over right away once they know where you bank

Terry L. :

Disability can be taken to satisfy the debt in most instances.

Terry L. :

So yes, they can offset a portion of that, usually 15% of the check.

Terry L. :

The bank account is the biggest issue here.

Terry L. :

You would usually get a citation to discover assets from the creditor, filed in the court to provide your asset information.

Terry L. :

Your best bet is to negotiate a settlement with the lender since you have access to money, they may be willing to accept less if you pay them in a lump sum

Terry L. :

That discount could be taxable though, so talk to your tax preparer about that

Customer:

OK, that is helpful, thank you.

Terry L. :

Great. if you have any other questions, please let me know thanks

Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2517
Experience: Better Business Bur 15yrs bankruptcy experience. Chicago Bar
Terry L. and 4 other Bankruptcy Law Specialists are ready to help you

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