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Yes, once a creditor obtains judgment, they can garnish wages, freeze/seize bank accounts, put a lien on real estate to satisfy the debt.
a bankruptcy case stops this instantly once filed though, so if you are planning to file, the sooner the better.
They will not garnish social security, but disablity may be offset to pay this debt
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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
Once they get the judgment, they can sent that over right away once they know where you bank
Disability can be taken to satisfy the debt in most instances.
So yes, they can offset a portion of that, usually 15% of the check.
The bank account is the biggest issue here.
You would usually get a citation to discover assets from the creditor, filed in the court to provide your asset information.
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
That discount could be taxable though, so talk to your tax preparer about that
OK, that is helpful, thank you.
Great. if you have any other questions, please let me know thanks
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