bad debt judgement
What type of attorney do I need for Q’s about credit card judgement causing bank account & car to be seized.
I don’t want to file bankruptcy, because fraud was involved in my debt. (No harsh comments, please… I messed up bad, I know).
I’m inheriting a used, paid-off car worth $3000. I live in Michigan. I’m also worried about the funds in my bank account. I’m cashing a large check and the bank requires me to deposit it for 5 days before withdrawing.
Thanks for any advice.
I asked an attorney that specialized in bankruptcy the same question a few years ago – about how to avoid having cash in bank accounts from being seized.
And the answer that I got was to find an out-of-state bank that has NO branch offices in your home state of any kind, and open an account there. I guess that the resaoning behind it is that they usually look for accounts in your name at banks in your own state, and not in others. Well, thats was what I was told anyway. It makes sense to me. Also, I do know that some states, if not all, have laws regarding this sort of thing, such as exemptions that you are entitled to, and so on. I would look into that if you are concerned. For example, in my state, the first $1,000 of cash in my account is exempt. Now, someone with a judgement against me can go ahead and take that money. But then, I would file a form that indicated the money was exempt, and they would have to return it within ‘x’ number of days into my account. The sad thing is that you have no warning that the money is going to be taken. It would be there one day, and gone the next. And if your account is drained, and you have outstanding checks, and other purchases which have not yet cleared, guess who gets stuck with all the overdraft charges?
But, I’m not a lawyer. I’m just going on what I have heard, and read from time to time, and have no actual experience with this. So, I could be wrong…
