If a judgement is entered against me regarding a loan from a financial institution, can money I have in other banks be siezed?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
If a judgement is entered against me regarding a loan from a financial institution, can money I have in other banks be siezed?
Asked on October 19, 2010 under Bankruptcy Law, Texas
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
Money in other accounts or institutions cannot automatically be seized, but with the proper court order, if you do not pay, it could be. When there is a judgment against someone, if he or she doesn't pay, the winning plaintiff (now called a "judgment creditor") can use one of several mechanisms to enforce that judgement. One common one, wage garnishment, is not generally available in Texas, but garnishing a bank account is possible. This takes a court order, so the judgment creditor would have to go back to court; however, there is little reason to think that, if you do not pay voluntarily, that they could not obtain the order and garnish the money in other accounts. You might want to consider working out a payment schedule with the judgment creditor, if you can. Good luck.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.