amf

discovery of bank accounts

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i like to ask how the collection agensys find your bank account if you never show it to anyone.not write checks to nobody from there

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google search of banks located within X amount of miles of where the debtor lives. or, they can do whats called blanket or mass mailings of subpoena's or restraining notices to every major bank.

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No way to answer that question. That's not something that can just be generalized, that is just how a CA can find a bank without being given the information.

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I just found out a collection agency got a $9,000 lien on my checking account, which had only $500 in it. Now my checking account is $8,500 overdrawn. Can they do that?

this is from other forum.what is going to huppen with the bank now;is he owning 8,500 to the bank;

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I work in banking so I can help answer some of this. Unfortunately, the liens that the creditor has on your acct will stay there either until something happens in court or until they get their money. The only monies that cannot be touched are social security and ssi (i'm not sure if pensions also count). None the less, the acct will end up closed out if it just stays at the negative amt due to the lien. The bank will charge you fees if they allow transactions to post onto the acct after the lien is put on which will end up being charged off and reported to the bureaus if that happens.

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See if your state will allow you to file a motion for installment payments. You file the motion with the court stating income, household expenses and how much you can afford to pay each month. You serve a copy of the motion with the Plaintiff. The Plaintiff has X amount of days to object. If not, the court will send you an order on the installments. If they do file an objection, the clerk sets a court date. The judge will decide on how much is to be paid each month, the judgment and garnishments are set aside as long as you abide by installment order.

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amf, google: New Jersey Debtor Exemptions

Money which is exempt from attachment in a checking account includes Social Security income, Veterans Disability payments and a whole host of other income, which may be specific to your state.

Google the above for details.

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amf, google: New Jersey Debtor Exemptions

Money which is exempt from attachment in a checking account includes Social Security income, Veterans Disability payments and a whole host of other income, which may be specific to your state.

Google the above for details.

Don't waste your time. In New Jersey, the exemption laws are narrowly drawn, and almost all property of the judgment debtor can be subjected to levy of a Writ of Execution. You can claim a $1,000.00 exemption. That's it. And the only funds, as Noway stated above, that are exempt are SSI, Unemployment, Disability and other govt. assisted funds. NJ is NOT debtor friendly.

My suggestion is to talk to a bankruptcy attorney and look into that. Their initial consults are free and they're a dime a dozen, especially in NJ. But talk to SEVERAL, not just one. If you file BK, they will have to lift that freeze and return those funds to you, and if you qualify for a chapt. 7, that 9k debt will go away. Provided it's not a student loan.

Edited by workingpoor

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Don't waste your time. In New Jersey, the exemption laws are narrowly drawn, and almost all property of the judgment debtor can be subjected to levy of a Writ of Execution. You can claim a $1,000.00 exemption. That's it. And the only funds, as Noway stated above, that are exempt are SSI, Unemployment, Disability and other govt. assisted funds. NJ is NOT debtor friendly.

My suggestion is to talk to a bankruptcy attorney and look into that. Their initial consults are free and they're a dime a dozen, especially in NJ. But talk to SEVERAL, not just one. If you file BK, they will have to lift that freeze and return those funds to you, and if you qualify for a chapt. 7, that 9k debt will go away. Provided it's not a student loan.

Not sure about NJ laws, but in Tenn, the actual value of assets is determined by the "yard sale or pawn shop value", not the amount one paid for the assets. Having said that, the OP may the ability to make substantial claims for exemptions. And of course, if he has an automobile ( as an example) which is valued at say $3000.00, yet still making payments, on a $10,000.00 auto loan, the amount he owes would still come into play, and he may be "upside down", meaning the creditor to whom he owes payments would have first lien.

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New jersey Residents have a choice of either state law or federal Law in bankruptcy:

New Jersey Exemptions( remember...the exemptions may be based on "yard sale or pawn shop value" in NJ) Consult with a BK Attorney in this regard.

"Goods and chattels, shares of stock or interests in any corporation and personal property of every kind, not exceeding in value, exclusive of wearing apparel, $1,000.00, and

All wearing apparel generally are reserved for a judgment debtor's family use before and after death, and are not subject to execution. (Sec. 2A:17-19.)

Household goods and furniture not exceeding $1,000.00 in value of a person shall also be exempt from attachment, except for a debt incurred in the purchase thereof. (Sec. 2A:26-4.)

Disability benefits, sickness insurance policies, workers' compensation benefits, and retirement benefits are generally exempt from execution. (Sec. 17:18-12, 34:15-29, 43:21-15©, 43:13-9, 37.5.)

Federal Exemptions:

The following assets are exempt under Title 11 U.S.C. Section 522(d):

Note: Married couples DOUBLE THE AMOUNT of the following federal exemptions:

HOMES

(1) The debtor's aggregate interest, not to exceed $20,200(example: X 2 = $40,400.00 IF MARRIED) in value, in real property or personal property that the debtor or a dependent of the debtor uses as a residence, in a cooperative that owns property that the debtor or a dependent of the debtor uses as a residence, or in a burial plot for the debtor or a dependent of the debtor.

CARS AND TRUCKS ( If I am reading the Law correctly, a NJ resident would DOUBLE the following amounts, if MARRIED)

(2) The debtor's interest, not to exceed $3,225 in value, in one motor vehicle.

HOUSEHOLD ITEMS, FURNITURE, APPLIANCES, CLOTHING, TOYS, BOOKS HOBBY EQUIPMENT AND OTHER PROPERTY

(3) The debtor's interest, not to exceed $525 in value in any particular item or $10,775 in aggregate value, in household furnishings, household goods, wearing apparel, appliances, books, animals, crops, or musical instruments, that are held primarily for the personal, family, or household use of the debtor or a dependent of the debtor.

JEWELRY

(4) The debtor's aggregate interest, not to exceed $1,350 in value, in jewelry held primarily for the personal, family, or household use of the debtor or a dependent of the debtor.

OTHER PROPERTY THE "WILD CARD" EXEMPTION

(5) The debtor's aggregate interest in any property, not to exceed in value $1,075 plus up to $10,125 of any unused amount of the exemption provided under paragraph (1) of this subsection.

TOOLS OF THE TRADE AND THE THINGS YOU USE TO EARN A LIVING

(6) The debtor's aggregate interest, not to exceed $2,025 in value, in any implements, professional books, or tools of the trade of the debtor or the trade of a dependent of the debtor.

LIFE INSURANCE

(7) Any unmatured life insurance contract owned by the debtor, other than a credit life insurance contract.

(8) The debtor's aggregate interest, not to exceed in value $10,775 less any amount of property of the estate transferred in the manner specified in section 542(d) of this title, in any accrued dividend or interest under, or loan value of, any unmatured life insurance contract owned by the debtor under which the insured is the debtor or an individual of whom the debtor is a dependent.

GLASSES, HEARING AIDS AND OTHER ITEMS NEEDED FOR HEALTHY LIVING

(9) Professionally prescribed health aids for the debtor or a dependent of the debtor.

PAYMENTS AND PENSION SAVINGS

(10) The debtor's right to receive

(A) a social security benefit, unemployment compensation, or a local public assistance benefit;

(B) a veterans benefit;

© a disability, illness, or unemployment benefit;

(D) alimony, support, or separate maintenance, to the extent reasonably necessary for the support of the debtor and any dependent of the debtor;

(E) a payment under a stock bonus, pension, profit sharing, annuity, or similar plan or contract on account of illness, disability, death, age, or length of service, to the extent reasonably necessary for the support of the debtor and any dependent of the debtor, unless

(i) such plan or contract was established by or under the auspices of an insider that employed the debtor at the time the debtors rights under such plan or contract arose;

(ii) such payment is on account of age or length of service; and

(iii) such plan or contract does not qualify under section 401(a), 403(a), 403(B), or 408 of the Internal Revenue Code of 1986.

PAYMENTS FOR GETTING INJURED

(11) The debtor's right to receive, or property that is traceable to

(A) an award under a crime victims reparation law;

(B) a payment on account of the wrongful death of an individual of whom the debtor was a dependent, to the extent reasonably necessary for the support of the debtor and any dependent of the debtor;

© a payment under a life insurance contract that insured the life of an individual of whom the debtor was a dependent on the date of such individuals death, to the extent reasonably necessary for the support of the debtor and any dependent of the debtor;

PERSONAL INJURY SETTLEMENTS AND JURY AWARDS

(D) a payment, not to exceed $20,200, on account of personal bodily injury, not including pain and suffering or compensation for actual pecuniary loss, of the debtor or an individual of whom the debtor is a dependent; or

PAYMENTS FOR LOSS OF FUTURE EARNINGS

(E) a payment in compensation of loss of future earnings of the debtor or an individual of whom the debtor is or was a dependent, to the extent reasonably necessary for the support of the debtor and any dependent of the debtor.

RETIREMENT ACCOUNTS

(12) Retirement funds to the extent that those funds are in a fund or account that is exempt from taxation under section 401, 403, 408, 408A, 414, 457, or 501(a) of the Internal Revenue Code of 1986.

NOTE: Laws are changing and amended quite often, be sure to check for latest statutes in this regard. ALWAYS CONSULT WITH A BANKRUPTCY ATTORNEY in matters such as this.

NOTE: if your state allows the value of any given item to be based on "yard sale or pawnshop value," which may be no more than a mere fraction of it's actual value (say 20% for example)then your camera which you paid $1000.00 for would be only worth $200.00 as a claimed exemption. Having said that, apply the "yard sale value or pawn shop value " to all your claimed exemptions, and you may find that you just might be fully exempt from attachment or 'writ of execution" even if a judgement is awarded against you.

Edited by Noway

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Yep, that's bankruptcy though. Those exemptions don't hold any water for a judgment in NJ. The only way to use those exemptions is to file the big BK.

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Yep, that's bankruptcy though. Those exemptions don't hold any water for a judgment in NJ. The only way to use those exemptions is to file the big BK.

The OP should consult with a bankruptcy attorney to verify this.

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