Ask Experts Questions for FREE Help !
Ask
    Oneglobe's Avatar
    Oneglobe Posts: 1, Reputation: 1
    New Member
     
    #1

    May 26, 2007, 10:58 AM
    Can you salvage funds from a bank lien.
    My bank recently bought a judgement from another bank against me totalling $29,000. Can I salvage any of these funds? Is there a limit to how much a bank can take out of your account? What can I do?
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
     
    #2

    May 26, 2007, 01:18 PM
    Hello, I am not sure what you mean they "bought a judgment" did they actually buy the original debt, or are they merely taking your money to pay the other bank.

    But if they have a judgement against you, for 29,000 they may take up to 29000 out of your bank account. So if you have more than 29000 in the bank, you can get the rest of it out.

    I would check your state laws, since if they bought the debt, the original judgement may or may not be valid, and they may have to go get a new judgement in their name. ( varies by area I beleive)

    Well if the judgement was valid, proper service, and the such, and they have a right to take the money, basically you don't put any more money in that account and figure you lost all of your money

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Bank Lien [ 4 Answers ]

Tried to withdraw funds from ATM, bank says I have lien on my account. What is most quick way to lift a bank lien?

Bank takes funds after verification destroys check. [ 2 Answers ]

My brother-in-law had a check for over 20,000 and brought it to his bank that was the same as the person that drafted the check. Because he had had problems with the check in the past he requested a certified check from the bank. The teller said there was no need for a certified check because the...

Bank funds garnished [ 5 Answers ]

I just learned that my accounts have been garnished because of a student loan issued by the school not PHEAA has not been paid. How do I get them to remove the levy? Do I make a payment arrangement and the accounts are unfrozen? How does this work?? :eek:

Bank Account Levy-froze Student Loan Funds [ 2 Answers ]

I had outstanding credit card debt 5 yrs ago and am in the process of settling all accts. However, I deposited my STUDENT LOAN CHECK in my bank account, and I guess because of the higher balance a lawyer firm that I had no idea was suuing me because they sent all correspondence to the wrong...

Garnished bank account funds [ 3 Answers ]

I live in Texas. In 1999 I had a business that failed. One company that I owed filed a judgement. Now I have been told by my bank that my bank account funds have been garnished, from said judgement. According to Texas Law only tax levies can garnish a bank account. I have filed and signed a letter...


View more questions Search