Stop Bill Collectors!

When you don’t pay your bills on time, don’t respond to the calls from the credit card companies or the collection agencies and live under cover, you could wake up one day to find your bank account temporarily frozen. That will be a bad day if it’s the day your rent or mortgage is due! You may have missed the judgment notices in the mail (or maybe you moved). You may not even know your creditors went in to court and sued you. You have no idea they got a judgment against you and used it to empty your account. When the creditor follows legal procedures, your account may not be garnished immediately. Instead it might be temporarily frozen.
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Garnishing the bank account of a debtor, would be the final step that a creditor would try against you to recover the liabilities. In the process of bank account garnishment, the creditor has to obtain a legal order from the court to freeze your bank account and take away the required amount of money that would satisfy the judgment. If the account lacks enough money, then you are accountable for the remaining money due. They will keep coming after you until they get their money!
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When you declare bankruptcy, or are facing a judgment, this does not mean that you will lose all of your assets or personal property. There are exemption laws that prevent this from happening, thus allowing you to hold on to certain property, savings and insurance, as well as some types of investment. To gain access to all of your legal entitlements, you need to gain an understanding of the state exemptions that apply in your state. Having this knowledge will enable you to fill out the required bankruptcy forms correctly so that you can keep your property.
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When filing for bankruptcy, or fighting a judgment, it’s important to understand what property and assets you can protect, as well as any earnings, savings and insurance you are entitle to claim as exempt. Declaring bankruptcy or being sued by a creditor doesn’t automatically mean that you will lose everything you have, but familiarizing yourself with the exemption laws for your state can ensure that you hang on to everything you are legally entitled to.
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Your biggest single concern if you are filing for bankruptcy or if you are on the receiving end of a judgment is making sure that you protect as many of your assets and items of personal property as you are legally entitled to. While US bankruptcy laws do not require all assets and property to be relinquished to pay off outstanding debt (the same goes for judgments), there are restrictions and limitations on what you can claim exemption for and the percentage you can claim.
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Protecting your assets, personal property, wages and savings is most important when filing for bankruptcy. In general, US bankruptcy laws do not require you to sell everything you own to cover your debts. However, what you can and cannot claim does depend on the state you live in. This article will help to familiarise you with the state exemptions for South Dakota.
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If you are considering filing for Chapter 7 Bankruptcy in the state of Tennessee, or if you are being sued by creditors (perhaps you already have a judgment against you), you will need to familiarise yourself with the state exemptions. Bankruptcy exemptions are state laws that distinguish your property as “off limits” to unsecured creditors. This means that these types of creditors cannot force you to sell your property to cover debts.
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It is a terrible feeling once you realise that the money you had in your bank account is now gone. What’s even worse is realising that this can be done legally and the bank will let it happen. This is because your creditors, once they have a court order against you, can take the funds from your bank account as a way of recovering the debt you owe them. In this instance, your bank is powerless to protect your money.
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One of the most disturbing things that can happen to you is to have the money disappear from your checking account. What’s even more disturbing is that your creditors – the people you owe money to – are able to legally take the funds from your account, without notice to you, once they have filed a judgment against you and obtained a court order. Of course, you are within your legal rights to fight the matter in court, against your creditors, to get your money back. But if that creditor has a judgment in hand, you will surely lose.
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If you have creditors who file a judgment against you for debts owed to them, your wages could be docked. While the laws on wage garnishment differ from state to state, generally once creditors have a court order against you, they can take 25 per cent from each pay check. Once a creditor has filed a judgment against you, there are very few options (besides bankruptcy) available to you. Therefore, the trick is to stop a garnishment before a creditor obtains a court order.
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