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    5hoots's Avatar
    5hoots Posts: 3, Reputation: 1
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    #1

    Aug 28, 2006, 11:55 AM
    Bank account levy
    We live in Missouri. My husband has had a levy placed upon our bank account from a repo from several years ago.

    What will happen to the account? This account is seldom used, but if this is what they want to do, then should I start making monthly deposits in it? How much are they entitled to? Is it a percentage or the whole deposit each month?

    Thanks
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #2

    Aug 28, 2006, 12:04 PM
    NOOOO! Apparently the creditor got a judgement against you. Getting a judgement is only half the battle. The next step is collecting on the judgement. The creditor has to find your assets and file a garnishment against them. That's what has happened with the bank account. If the amount in the accout doesn't satisfy the debt, then have to find other assets. This could mean other bank accounts or your husband's salary.

    If you want to pay off this debt, then contact the creditor and offer to set up a payment schedule. Just leave the bank account alone.
    5hoots's Avatar
    5hoots Posts: 3, Reputation: 1
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    #3

    Aug 28, 2006, 12:12 PM
    Thanks for your reply. The account does not have near enough to pay off this debt.

    Is there normally a percentage that they garnish from the paycheck or take from an account? Or do they take it all?

    Another option I guess would be bankruptsy. We don't have the best credit anyway, would this be an option to get rid of this or not?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #4

    Aug 28, 2006, 12:41 PM
    The limits on salary garnishment vary from state to state.

    Bankruptcy might be an option, but you would be better off consulting an attorney on that.
    5hoots's Avatar
    5hoots Posts: 3, Reputation: 1
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    #5

    Aug 28, 2006, 12:42 PM
    Would a bankruptcy take care of this levy/garnishment?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #6

    Aug 28, 2006, 01:10 PM
    A bankruptcy can be used to discharge unpaid debts. Once the debts are discharged there would be no reason to garnish. However, any amounts already colected would be gone.
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