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You must be the night guy because you seem to be the one I get after normal hours!
If the mortgage bank gets a judgment to attach my checking account, is that a one time thing, or can they always get what is in there over time?
If they do actually get a judgment to garnish wages, and there is not enough to garnish, does the threat continue. In other words, if I do end up getting a job in the future (doubtful since I am 59) can they still garnish?
I have 2 mortgages on this house. It is probable that most of that one will be satisfied with foreclosure since market value is very close to payoff. But the second mortgage bank will suffer although that payoff is only about 25K. Are there are special rules for second lien holders?
Hi - thanks for allowing me to assist you. I'll be glad to answer any additional questions you have regarding this or any other issue. If the need arises, please let me know.
When is the appropriate time to file the papers to claim exemption from bank garnishment in Florida? There is not yet a judgment against me.
Hi - thanks for looking me up again!
There's no need to do anything until/unless a judgment is rendered against you. At that point, you could notify the creditor of your exemptions. This would put them on notice of your exemptions BEFORE the creditor attempts to levy your bank account.
Thanks once again! I am concerned because I do have about $6000 in my checking account which I am keeping there to keep up with my current mortgage payments and IRS installment debts. I was informed (perhaps by you), that if my bank account is attached, I would get no notice, it would just be frozen and I would be notified after the fact. I want to make sure I do not lose the ability to keep up with these payments. I am considering withdrawing the money now and then just depositing what I need each month as I write checks.
That's right - - you likely would not be given any notice before your bank account is frozen.
You are much better to deal in cash while this is going on instead of leaving a large amount of money in your checking account. The creditor can still seize the account even if you have exemptions, and you would then have to fight with the creditor and go to court regarding your exemptions. So, you would/should be able to retain any exempt funds, but going through the hassle could take weeks/months.
So, your thoughts are good ones.