This case was tried in New York City Civil Court. The plaintiff is a bank trying to collect on credit card debt. I am the defendant. The judge has ordered summary judgment. My question is, What happens after this? I am assuming the bank will try to collect on this judgment. If I am not able to pay the judgment, what happens after this?
I am retired. My only sources of income are Social Security Benefits and a modest pension from my Union. I have no property--I rent my residence, I do not own a car, or boat or airplane, vacation property, etc. I have one bank account checking and the only funds in it are from my SS and pension. I have no savings or investments. If my one bank account is seized, is it seized in total, or are there exclusions they cannot touch?
Excellent suggestion. Thank you. If I deposit my pension in a second account, do they have access to all of the money, or are there certain exclusions I can claim they cannot touch?
The pension is paid to me directly and automatically on the first day of each month.
If I withdraw it on the same day, can I do that, and they do not have access?
So it sounds like I can only withdraw the pension payment once. I am assuming that if seizure occurs, that each succeeding month they would grab it all automatically. Is that right?
Thank you for your expertise.
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