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Christopher B, Esq
Christopher B, Esq, Attorney
Category: Estate Law
Satisfied Customers: 2677
Experience:  Litigation Attorney with education focus on estate planning and tax
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Can a creditors put a freeze on a safe deposit box

Customer Question

Can a creditors put a freeze on a safe deposit box
Submitted: 7 months ago.
Category: Estate Law
Expert:  Christopher B, Esq replied 7 months ago.
My name is***** and I will be helping you with your question today. This is for informational purposes only and does not establish an attorney client relationship. In most cases a creditor must obtain a valid judgment against you before taking steps to seize your personal assets, including anything located in your safety deposit box. A creditor obtains a judgment by suing you in civil court. For a judgment creditor, locating property contained in a safe deposit box represents one of the most significant difficulties in liquidating these assets. Most states allow creditors to question judgment debtors about their assets, either in writing or by ordering a court hearing. Debtors must fully disclose all of their assets on a debtor examination letter or in court, if a debtor examination is ordered. If you have sufficient equity in nonexempt personal property contained in a safe deposit box, the creditor may petition the court for the right to seize and liquidate the property. The creditor will then sell the property and use the proceeds to satisfy your judgment debt. So yes, if they have a court order, a creditor can put a hold and seize contents of your safe deposit box. Please let me know if you have any further questions and please positively rate my answer if satisfied. There should be smiley faces or numbers from 1-5 to choose from. This extra step will cost you nothing extra and will ensure that I will be compensated for my time by the site.
Expert:  Christopher B, Esq replied 7 months ago.
Just checking back in, do you have any further questions?

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