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If sued, can I move my money to another bank?


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No Judgements just yet. I just want to stay a step ahead. I only have social security payments in direct deposit. No job,, no assets.

I know they can't touch my SS. It's the other funds i'm worried about.

Keep in mind that I know less about the law than most of the other posters here, but NOW is the time to do this IMO. Don't wait until you are sued, as there are laws against moving money around in order to avoid garnishments and such.

It's very easy to open a bank account in Canada. I would highly recommend that you look into that. Just keep in mind that you'll have to report the existence of that account to the IRS next year on your tax return.

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Bank account seizures may seem more common than they really are. There are rules to follow if someone wants to take money from your bank account. You can take steps beforehand to make this less of a threat.

A collector trying to get money out of your bank account will have a difficult time taking money from any account that isn't in your name. State laws vary widely on the power of creditors to sieze funds in a joint account.

In some states, creditors can reach the entire balance of a married couple's joint account, for example. Some laws look to each account owner's deposits. Some states have joint tenancy laws to protect a married couple's bank accounts from creditors unless both husband and wife are responsible for a debt.

Even if the bank account is solely in your name, some funds are exempt from debt collection under state or federal law. The reason is to allow people to preserve funds to meet their basic needs.

Exempt funds keep their status as exempt when you put them in a bank account where they stay readily available for use. Exempt funds can lose that protection if you convert them into a permanent investment.

It varies by state but, exempt funds would typically include:

Most government benefits, including Social Security, unemployment insurance, veterans' benefits and public assistance

A percentage of your earned wages, which varies by state

Alimony or child support payments, and other payments for the support of a dependent

Proceeds of the sale of property that is exempt from collection, such as a homestead exemption

Disability or unemployment benefits from your employer

Workers' compensation

Retirement benefits, such as pension or annuity payments

Proceeds of guaranteed student loans

Some states allow you a wildcard exemption of property or cash to be used as you see fit so you don't lose all of your money. So if you're forced to disclose your assets in a post-judgment procedure (sometimes called supplemental proceedings or citation to discover assets), tell the debt collector funds are protected as exempt or as a wildcard exemption.

Many courts allow you a formal hearing to explain why the frozen funds shouldn't be seized or garnished. Check the seizure notice for instructions to challenge the seizure or with the clerk of the court where the judgment was entered. You can also look up your state rule for seizure of accounts. Act quickly to restore access to your accounts and minimize consequences such as bounced checks.

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BT's post should be a sticky, would help a lot. My bank told me that I could have my wife open an account (In a NON community property state) and have her give you power of attorney to access it, that way they couldn't touch it. Most times, when you open a new account, that bank will run your credit report which will show up. The creditor could then see a pull on your CR. Then that will lead them to check out the new bank to see if you have an account there.

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I have a 'freeze' placed on my accounts with all 3 credit bureaus.

Are the banks required to notify you when someone is attempting to sieze your account?

you are asking if your apples will taste like oranges.

Placing a security freeze on your credit reports has NOTHING to do with your bank accounts.

Regarding the bank accounts, if there is sch a law it is likely under a State statute.

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Keep in mind that I know less about the law than most of the other posters here, but NOW is the time to do this IMO. Don't wait until you are sued, as there are laws against moving money around in order to avoid garnishments and such.

No there aren't. No State requires you to leave yourself out there like a target. The only time you are forbidden to move your assets around is if an Judge orders you not to. The poster here may be thinking about transferring assets to a friend just to get them out of your name. THAT is prohibited (or to be more accurate, "voidable"). Voidable means that the transaction can be reversed and the asset put back into your name and then attached.

It's very easy to open a bank account in Canada. I would highly recommend that you look into that. Just keep in mind that you'll have to report the existence of that account to the IRS next year on your tax return.

No you don't unless the balance in the foreign account exceeds $10,000USD at some time during the year.

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BT's post should be a sticky, would help a lot. My bank told me that I could have my wife open an account (In a NON community property state) and have her give you power of attorney to access it, that way they couldn't touch it.
Most times, when you open a new account, that bank will run your credit report which will show up.
The creditor could then see a pull on your CR. Then that will lead them to check out the new bank to see if you have an account there.
you are asking if your apples will taste like oranges.

Placing a security freeze on your credit reports has NOTHING to do with your bank accounts.

Regarding the bank accounts, if there is sch a law it is likely under a State statute.

Amerikaner83, I was refering to the above statement I wrapped and bolded by TomTex above:

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