What is the procedure to taken a person bank account over to collect a debt.?
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What is the procedure to taken a person bank account over to collect a debt.?
Asked on May 15, 2009 under Bankruptcy Law, Ohio
Answers:
J.V., Member, New Jersey Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
Collection practices differ depending on the state you live in. I personally do not know the specifics of Ohio collection law but am aware that certain states allow a creditor to freeze a persons bank account if there is a judgment against the debtor. Once an account is frozen the creditor is entitled to take the money out to satisfy said judgment.
However many states don't allow this or have numerous rules. Social security is exempt as is pension in many states. However if your state allows for a creditor to freeze an account than the procedure once the account is frozen is that you must call the creditor and agree to a payment plan or they will satisfy from the account, what they do is discretionary and up to them. Than many banks charge a fee, ask the creditor to request that it be waived sometimes they will. Than the creditor contacts the bank and the account is released.
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