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Collections Law/Bank account liens
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Question
QUESTION: I am in a real estate related business and have had reduced income for a couple of years. With our excellent credit we have taken cash advances on our credit cards to pay the mortgage and every day bills. Thinking the economy would improve and we could pay off the credit cards we proceeded with the credit card advances. The economy worsened and the country went into the worst recession since the Great Depression. I am faced with credit card judgements and the possibility that bank account levies could occur. If this happens we will lose our house. I am trying to buy some time until things get better.
1) If I open another business bank account in my company name to avoid levy would it be prudent to open it in another town or can a creditor find the account anywhere? I have heard they call the banks in your town until they find the account. Do they have any way of finding accounts ANYWHERE?
ANSWER: They can find the account just about anywhere.
---------- FOLLOW-UP ----------
QUESTION: If a person with a judgement against me puts a lien on my rental property or home are they likely to pursue my bank accounts and personal property simultaneously?
Do they have any way of checking public records for automobiles I own? Or would they only go after property they could learn about by visiting my home?
Liens are not effective unless you sell the property or attempt to get a loan using them for collateral. They can easily check for any automobiles you own and they could send a sheriff to your home to seize anything of value they might be able to sell and get money out of. They can seize bank accounts and garnish wages too.
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Answers by Expert:
Creditwrench
Expertise
Debt Collections law, Fair Debt Collection Practices Act (FDCPA), Fair Credit Reporting Act (FCRA), federal law, how to properly answer court summons for collection cases, how to prepare federal cases against debt collectors, how to deal with debt collection phone calls.
Experience
I've been an active consumer advocate for more than 40 years and have helped hundreds of people win cases against debt collectors as well as helping them defeat demands for summary judgment lodged against them by banks, debt collectors and defeat mortgage foreclosures and keep their homes.
Education/Credentials
Paralegal courses for the most part.
I have been teaching people how to deal with judgments, mortgage foreclosures and other such problems both on and off the internet for many, many years. I am a Richard Cornforth information provider ever since 2000 and worked with many other organizations and causes since 1980. I was Oklahoma State Chairman for the nationwide drive to defeat the Constitutional Convention which was proposed by various factions within our federal government such as the Council of State Governments and the National Organization of State Governors who were working hard to organize a Constitutional Convention to be held in 1995 for the purpose of rewriting our American Constitution to be more acceptable to the United Nations. I worked with Senator Charles Duke of Colorado and Senator Don Rogers of California and many others across the nation to keep them from getting the number of delegate states required to lawfully hold a Con-Con and we were successful. I have worked with many other legislative issues in Oklahoma and have always been very successful.
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