If a judgement is entered against me regarding a loan from a financial institution, can money I have in other banks be siezed?
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If a judgement is entered against me regarding a loan from a financial institution, can money I have in other banks be siezed?
Asked on October 19, 2010 under Bankruptcy Law, Texas
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
Money in other accounts or institutions cannot automatically be seized, but with the proper court order, if you do not pay, it could be. When there is a judgment against someone, if he or she doesn't pay, the winning plaintiff (now called a "judgment creditor") can use one of several mechanisms to enforce that judgement. One common one, wage garnishment, is not generally available in Texas, but garnishing a bank account is possible. This takes a court order, so the judgment creditor would have to go back to court; however, there is little reason to think that, if you do not pay voluntarily, that they could not obtain the order and garnish the money in other accounts. You might want to consider working out a payment schedule with the judgment creditor, if you can. Good luck.
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