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Ask Maverick Your Own Question
Maverick, Attorney
Category: Legal
Satisfied Customers: 5745
Experience:  20 years experience as a civil trial and appellate lawyer
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Credit card and unsecured loans I have lost my job. What can

Customer Question

Credit card and unsecured loans I have lost my job. What can creditors do to my finances? Can they freeze my checking accounts? Can they intercept my tax refunds? I plan on becoming self employed can they get any of theach money I make from self employment
Submitted: 3 months ago.
Category: Legal
Expert:  Maverick replied 3 months ago.

Welcome to Just Answer (“JA”)! My name is Maverick.

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Answer: These creditors will need to sue you first and get a judgment. Once a judgment is had, it will go on your credit and stay there for 7 years. This may make it much harder for you to borrow money. Also, with the judgment, they can try to attach to your bank accounts, so yes those can be frozen. However, they cannot garnish the federal government/IRS for an income tax refund. If you deposit the money you make from self employment in a bank account, then they can attach that as well.

Customer: replied 3 months ago.
Could they do anything to my IRA
Expert:  Maverick replied 3 months ago.

What state are you located in?

Customer: replied 3 months ago.
Expert:  Maverick replied 3 months ago.

Under subsection (c) iii of this law it states that IRA's are exempt from execution.

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