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J.Hazelbaker, Attorney
Category: Business Law
Satisfied Customers: 4385
Experience:  Experienced and trained in the area of business law.
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Im expecting a judgement to be placed on me for a debt I assumed

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I'm expecting a judgement to be placed on me for a debt I assumed in 2006. There isn't much they can get, but I'm wondering if there is any way I can still keep some kind of bank account. Is there anything they can't attach? How long will that affect me and be on my record?
Submitted: 7 years ago.
Category: Business Law
Expert:  J.Hazelbaker replied 7 years ago.
The judgment won't keep you from having a bank account. However, the bank account is subject to garnishment.

What you might be able to do, is once you answer the disclosure questions that are typically sent to a judgment debtor in order to discover assets and information for collection, is open a new bank account. However, be aware that sometimes you are required to update your information, so the new account could later be discovered. This is why some people use pre-paid Visa gift cards.

A New York judgment is valid for 20 years and can stay on your credit report for the entire period. Unfortunately, if they know about the bank account, then they can attach it until the judgment is fully satisfied, or the twenty-year period runs.

There are certain property exemptions that can't be seized. Below is a link (scroll down to "Exemptions" section) to the law. It's pretty outdated (e.g. protects livestock and 60 days of livestock feed), but it gives you an idea of the property that can't be touched.

Please let me know, if you have follow-up questions.
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