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How often can a creditor levy my bank account due to a judgement?

Discuss the legalities of Bankruptcy Law

How often can a creditor levy my bank account due to a judgement?

Postby fenwick » Tue Nov 22, 2011 4:03 pm

I just realized Capital One was able to levy my entire bank account due to a judgement of $8900 of a $5000 credit limit from 2004. Luckily I didnt have more money in my account at the time and they were only able to seize approximately $2200.00. I cannot find any reliable information as to how often Capital One will be able to seize my accounts up to the full judgement amount. I contacted the law firm which filed the judgement against me on behalf of Capital One and they stated it was a one time levy and they won't be able to do it again. Of course Im not going to rely on the information from them, i'm sure they would love for me to put more money in the account for them to drain. The problem is now that I have to deal in cash until this is fully resloved. I am an independent contractor so garnishing my wages would be almost impossible. To make matters worse, the law firm stated that the judgement continues to grow at 25.8% or about $4 a day! They refuse to settle with anything less than $6200 and won't take any monthly payments. I dont qualify for bankruptcy so thats not really an option at this time. Although I've always been one to pay my bills sometimes we all get in a financial jam. All of my other creditors have been willing to settle with me for less than 30 cents on the dollar. Do I have any other legal options other than to pay them in full or am I left without a bank account for a while? I find it criminal that Capital One recieved $3.55 billion dollars of bailout money to turn around and sue the taxpayers that gave them the money. There must be something I can do, we all need bank accounts to funtion in todays society. Thanks in advance!
fenwick
 
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How often can a creditor levy my bank account due to a judgement?

Postby ricki » Tue Nov 22, 2011 4:04 pm

You could go back to the court that issued the judgment and ask the judge to modify the judgment. Otherwise, your only option is to pay in full. A settlement is, by definition, something that they voluntarily chose to allow. They cannot be forced to settle; if they were forced, it would not be a settlement.

I am not sure if you know the meaning of the word criminal. The word refers only to things that a law prohibits and to certain extreme war crimes against humanity (such as the holocaust). Financial things are not criminal unless the government specifically makes them illegal. Unless the bailout legislation specifically said that it would be illegal for recipients to sue you, it is no more criminal now than if the bailout had not occurred.
ricki
 
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How often can a creditor levy my bank account due to a judgement?

Postby broehain61 » Tue Nov 22, 2011 4:09 pm

Too late. You lost your option to negotiate when the judgment was issued. Any bank account in your name with money in it is theirs. Nothing you can do except take a personal loan from the bank to pay the debt in full
broehain61
 
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How often can a creditor levy my bank account due to a judgement?

Postby kirklin » Tue Nov 22, 2011 4:23 pm

I can't really comment on why they are doing this, as you didn't give any information about what happened, but the bottom line is that you have a judgment that was passed against you. It's too late to fight it; they went to court and a judge agreed that you owe them money. You should have received a notice for the hearing in the mail, and hopefully you at least went to court and tried to defend yourself.

Honestly, your only real options are either a) pay them what they want, b) get a lawyer to help you, or c) take your cash, move to a different state, and open an account with a different bank, preferably something small and local. As long as they can find you, they can find your money.

Next time, try to fight harder before the judgment is passed, with a lawyer at your back.
kirklin
 
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How often can a creditor levy my bank account due to a judgement?

Postby dubh35 » Tue Nov 22, 2011 4:31 pm

They can levy it as often as necessary to pay off the debt. I find it HILARIOUS that you bring up the bailout money. The major difference between you and them is that THEY will be paying that TARP money back with interest....you are trying to weasel your way out of paying. THEY recognize their obligation.....you do not.
dubh35
 
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