I was just served a citation filed by an attorney for a creditor that I have been sued. I know that the worst case would be they get a judgement against me. I'm concerned about my checking and savings accounts. Can they garnish my accounts? What kind of time frame are we talking about? Do they have to notify me first? Is there any way I can salvage my money... change banks or change accounts? If they don't have my account number can they get the information from the bank?

I have a lot of questions and I'm in a panic mode right now. I am dealing with a debt negotiating company and had no idea that there was a problem with this account. I've called this company and they have not received anything from the credit card company since 2004.

Thanks for any information you can give me. I'm in Texas.

Until you go to court it is still your money.

Don't give them any of your bank information.

Ok, if they sue you and get a judgement, then they can garnish your pay check, attach any of your bank acounts. If you have money in the bank, why not pay the bill so they don't have to sue you??

But they will find the money because any time you open a checking or savings account the bank runs a report on you, that can be traced when the report was ran. Also in court you will be ordered to tell the court where your bank accounts are at, their numbes and the such. Plus they normally can find your reports

Also, if they get a judgement, the judge can compel you to complete an asset questionnaire. And no, once they get the judgement they have to give no prior notice to seizing assets.

How about opening aq DBA account and get an IRS number for sole proprietorship and use that to open a new checking account?

Until you go to court, do not worry. To help with court contact your Debt Negotiation Company and obtain a "Certified Copy" of all corespondances from them and you to the company sueing you. It is your debt but it appears that the company is not willing to work with you. At court, the judge may require the company to work with you in paying you debt the Negotiation company.

I was just served a citation filed by an attorney for a creditor that I have been sued. I know that the worst case would be they get a judgement against me. I'm concerned about my checking and savings accounts. Can they garnish my accounts? What kind of time frame are we talking about? Do they have to notify me first? Is there any way I can salvage my money...........change banks or change accounts? If they don't have my account number can they get the information from the bank?

I have a lot of questions and I'm in a panic mode right now. I am dealing with a debt negotiating company and had no idea that there was a problem with this account. I've called this company and they have not received anything from the credit card company since 2004.

Thanks for any information you can give me. I'm in Texas.
If they get a garnishment, here is a rough outline of the process. I used to process these claims for a bank about 10 years ago. In those days, if the bank can get a three point match on SS#, first-last name combination, date of birth, and address, you would have been garnished if you worked for the bank, and your funds would have been seized no matter what.


Teleport to the present...

Since the passage of the Patriot Act and its Anti Money Laundering legistlation, you will be found sooner or later no matter where you bank in the US. There is a common legal guidance called "know your customer" for the Patriot Act. You have no idea how vast and powerful networks of information about you exist due to the Patriot Act .

Hiding funds from a court order will only bring you more grief. Don't even try it. The whole thing will only be more bad news for you. The only way to hide money is to hide cash, but anyone with any math skills can quickly reconstruct your attempt to hide cash. Don't hide cash because you think it will pass under the radar.

Ultimately, they will also come after your income and send a legal document to your employer who will be FORCED to comply, even if it means you could lose your house. They have no choice in the matter.

When the bank gets your garnishment or judgement, your funds will be held immediately with what banks call a "memo". The next day, all your funds that are seized are gone from your account and a cashier's check or electronic transfer is conducted to clear the transaction.

It is a courtesy of some banks to send you a letter, but you get it way too late.

YOUR BIGGEST THREAT IS OVERDRAFT FEES!!

Try calling your branch manager and negotiate some releif before your funds are seized.

Do your best to settle now!! Your creditors may seek legal fees against you!!

No kidding, for the IRS, I have seen them charge about 2k in legal fees for a $50 unpaid debt. The IRS puts more people out of business than you would care to imagine.

Settle your debt. It hurts, but it is your best option. Good Luck!!