creditor emptied checking account

[mrswright]

Nah, I understand where you're coming from.

However I suspect you're going to be hit with bad news in the morning; I think you're going to find out that yes, there's a valid judgment against you and yes, the levy was legal.

Good luck though. Hopefully you can find a way to pay off your debt while keeping the kids fed.

(for what it's worth...ramen and hotdogs are a staple of college students everywhere. The kids will be fine )

I kind of figured as much... Paying off debts on a month to month basis is no fun, but having my checking account wiped out is even less fun. So, I guess lesson learned (even though you are right, it is bad news ). Thanks for your advice and patience!

 

[StephenH]

I would do a couple of things here.

1) Call your employer and turn off direct deposit. Take your future paychecks to a check cashing store. Minus any garnishments (up to 25% in many cases), and check cashing fees you will have money to eat on your next paycheck. Keep your cash at HOME (in a safe if you have one). If needed you can pay bills using money orders. By not putting it in the bank, this will prevent them from being able to execute any future levies.

2) Call up the attorney and see if they will negoitate a payment plan explaining you have children to feed. You will usually have to offer something equal or greater than what they can get by garnishing wages.

3) If #2 doesn't work, file exemptions with the court of property you can exempt (the amount is different). If you have little assets you may be able to include a certain amount of the money taken.

4) You may be able to file a hardship exemption in court if your budget stripped bare leaves no room for any food.

5) If you have any exempt funds from garnishment (e.g. Unemployment, SSI, SSDI, direct them to a separate bank account where no other money is in it and exempt it). Creditors are prohibited from garnishing these funds but to prove it you need to keep them isolated.

6) Ask some friends or family members to lend you some money for food or rent in the mean time and don't deposit it into the bank.

 

[Country Living]

We were paying the account off through a lawyer but we never received anything from them showing that they could levy our assets.

Is this your attorney or the attorney representing the creditor / debt collector?

 

[Mike_Knight]

I'd give up all bank accounts. Whenever you get money convert it to cash and pay everything you can with that and money orders or cashiers checks. If want to a savings buy silver coins and hide them somewhere. In the coming years you won't be able to rely on the banking system anyway. Also sell assets to someone you trust for $1 so it's in their name.

 

[Antigone*]

I'd give up all bank accounts. Whenever you get money convert it to cash and pay everything you can with that and money orders or cashiers checks. If want to a savings buy silver coins and hide them somewhere. In the coming years you won't be able to rely on the banking system anyway. Also sell assets to someone you trust for $1 so it's in their name.

Really, Mike how about stuffing it in you Duxiana

 

[Mike_Knight]

Really, Mike how about stuffing it in you Duxiana

Firstly, I'm not sure why someone in debt would own a Duxiana bed(had no idea what that was until I looked it up). Secondly, I assume you're referring to the cash and/or silver coins. I'd hide them in the freezer or in some air vents. What's wrong with keeping things in cash so creditors can't take it when you need it to live? Also silver coins are very cheap and if you have no retirement fund it's the smart move. Silver will go up in price someday just as gold has.

 

[Country Living]

Ah, Mike, I see you're gracing the board with your quasi-semi-quarterly rants against the financial system. You need to find another board for your vendetta because this one is not the place for your personal platform.

 

[ecmst12]

Fraudulently transferring assets is illegal and will get you nowhere.

 

[Mike_Knight]

Fraudulently transferring assets is illegal and will get you nowhere.

My idea of assets are air conditioners, computers, furniture, and appliances. I'm not sure if they can kick the door in and take everything you own with a judgment?

 

[justalayman]

My idea of assets are air conditioners, computers, furniture, and appliances. I'm not sure if they can kick the door in and take everything you own with a judgment?

Oh, I see, spending good money to buy a product that will be worth less than half what you paid for it 1 year later and in 5 years, worth next to nothing.

and silver is cheap? market was 17.69 an oz when I just checked. On tha past year is has hit almost $20. I remember it being under $4. Silver is relatively high right now so silver coins are not going to be (relatively) cheap.

 

[Mike_Knight]

Oh, I see, spending good money to buy a product that will be worth less than half what you paid for it 1 year later and in 5 years, worth next to nothing.

and silver is cheap? market was 17.69 an oz when I just checked. On tha past year is has hit almost $20. I remember it being under $4. Silver is relatively high right now so silver coins are not going to be (relatively) cheap.

I'm talking about things used on a daily basis like air conditioning to prevent dying in 100 degree heat, washing machine, computer, etc. You're acting like these things are a waste of money. So if something will be worth a lot less within years nobody should buy it. Would just sitting on the floor and staring at the ceiling be my alternative? You have nothing in your home and eat grass from outside?

Silver is cheap compared to gold at over $1000 an ounce? Even a poor person could afford $20 for a silver coin every so often where as they'd never be able to buy a gold coin.

 

[CourtClerk]

My idea of assets are air conditioners, computers, furniture, and appliances. I'm not sure if they can kick the door in and take everything you own with a judgment?

If those are your ideas of assets, you aren't doing that well financially, are you?

 

[mrswright]

I would do a couple of things here.

1) Call your employer and turn off direct deposit. Take your future paychecks to a check cashing store. Minus any garnishments (up to 25% in many cases), and check cashing fees you will have money to eat on your next paycheck. Keep your cash at HOME (in a safe if you have one). If needed you can pay bills using money orders. By not putting it in the bank, this will prevent them from being able to execute any future levies.

2) Call up the attorney and see if they will negoitate a payment plan explaining you have children to feed. You will usually have to offer something equal or greater than what they can get by garnishing wages.

3) If #2 doesn't work, file exemptions with the court of property you can exempt (the amount is different). If you have little assets you may be able to include a certain amount of the money taken.

4) You may be able to file a hardship exemption in court if your budget stripped bare leaves no room for any food.

5) If you have any exempt funds from garnishment (e.g. Unemployment, SSI, SSDI, direct them to a separate bank account where no other money is in it and exempt it). Creditors are prohibited from garnishing these funds but to prove it you need to keep them isolated.

6) Ask some friends or family members to lend you some money for food or rent in the mean time and don't deposit it into the bank.

Thank you for this sound advice. I have already done a couple of these things, so I'm glad I'm on the right track!

 

[mrswright]

Is this your attorney or the attorney representing the creditor / debt collector?

It was the attorney representing the creditor. The account was recently transferred to a new attorney though.