Hi and thank you for your question. In the future, you can request me to answer any further questions.
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
do you have any further questions? >
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
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).