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Collections Law/Writ of exectuion
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Question
What do I need to do when a creditor order a writ of execution on your bank account? I did not have the amount in my account for the execution
Keep all your money out of your bank accounts, savings accounts or any place else they can access. If you have any joint accounts with spouse or children or anyone else then get your name off of those accounts because they can garnish them as well. If your paycheck is direct deposited into your bank account then tell your employer you want paper checks instead of direct deposit. Learn to live without using bank accounts or establish bank accounts in other states. Another thing you can do is set up a special type of corporation known as an anonymous corporation and then open bank accounts with that using the corporation's EIN instead of your social security number. Then have your checks sent directly to you, cash them and deposit only cash in your corporate bank account which can be in an entirely different state than the one you live in.
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Remember that banks usually charge a hefty sum for processing writs of execution on bank accounts. When that happens you may not have the money to pay those processing fees and that can cause you to get charged overdraft fees as well. It can end up being such a financial drain that you just quit paying them and the bank will close your account and come after you for those fees. Once that happens you won't be able to get a new bank account anywhere unless you do have an anonymous corporation set up.
If you have an anonymous corporation set up properly nobody can find out who owns it so you don't have to admit you know anything about that corporation. Nobody except IRS knows who owns that corporation and IRS isn't going to tell anybody.
You can also do a direct deposit in cash from your local bank to your corporate account in some other state without giving any identification whatever. Nobody but you knows who made that deposit. That money then looks like it came from an unknown customer and was payment for business services. Could be for consulting or whatever. If you currently use a large national bank such as Bank of America or Chase or other bank that has branches in many states you can do those things as opposed to using a local bank that has few if any branches.
There are many things you can do with a corporation that you cannot do as a private person. You can set up your corporation so that it has an automatic income without your having to do any work whatever. You can make that automatic income grow over time to become a substantial income of hundreds and even thousands of dollars every month. It won't happen quickly but it can be done.
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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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