Seizure of Bank Account

[kilowatt]

I'm not going to be filing for bankruptcy, but am defaulting on several credit cards. My question is about the seizure of bank accounts by creditors that win a judgement. Are there any limits on what can be seized by the creditor from the bank accounts or can they just empty out my bank accounts? i live in the State of Oregon. TIA.

[kornellred]

To the best of my knowledge, all 50 states allow a bank levy on private debt after summary judgment. Only 4 states do not permit wage garnishment (PA, TX, NC, SC). There would be very little incentive for creditors to sue debtors if they had to sit back and watch the debtor accumulate money in bank accounts while thumbing their noses at the creditors.
If you have enough money in a bank account to satisfy the judgment, they will freeze the entire amount. All banks must comply with a court-ordered levy.

[AngelinaCat]

I'm not going to be filing for bankruptcy, but am defaulting on several credit cards. My question is about the seizure of bank accounts by creditors that win a judgement. Are there any limits on what can be seized by the creditor from the bank accounts or can they just empty out my bank accounts? i live in the State of Oregon. TIA.

Usually there are guidelines or protocols that must be followed. If you are the 'Head of House', usually only 25% of your check may be garnished. If you are a junior member of the household, it is possible for your entire check or bank account to be garnished.

When I was working in the High School, I remember a young student complaining that because of his Dad's delinquency on his IRS, his (the student's) bank account was garnished.

This was at least 30 years ago....

[PANSYFACE]

I had one judgement that even though I only had 2.00 in my account, debited it for 100.00, made me overdrawn and cost me 35.00 fee in addition to having to cover the overdraft!!! I was not a happy camper!

[tobee43]

i know in nj they don't even have to prove they served you!!! and then can go in over and over and over again! nj is bad news they give these judgements out without the debtor even knowing and get signed by a judge. unreal. most people sort of know they are or may be at that point, but when one is never served and it happens now that's really slimy.