Will Bankruptcy Stop A Bank Garnishment?
Does this scenario sound familiar? You are living paycheck to paycheck, going about your business of working and getting a paycheck deposited into your bank account every two weeks or so. Your rent or mortgage payment is due in a few days, with your paycheck ready to deposit the next day, Friday into your account so that you’ll be able to pay your obligations as planned. You wake up after a typical Thursday night only to realize that this Friday morning is different at the bank. When you check your account balance, you find to your alarm that your bank account is drawn negative instead of having the $1400 or other amount of money that would typically be deposited into your account.
Your Bank Account Has Been Garnished, Now What?
The collection law firms and other organizations like old credit card companies and others know that direct deposits typically go in on certain days such as a Friday. They will intentionally watch your credit and look up your employment records in order to determine when the best time for them to attach your bank account, all without your prior knowledge.
If You Have Been Served With A Lawsuit, Whether Recently Or In The Past, You Are At Risk
All that a collection company, credit card issuer, or other creditor needs in order to garnish your bank account is a judgment in their favor from a court. They then bring a legal action to the bank where you have an account and proceed to freeze your bank funds. This often happens at the most inopportune times as it comes when you have money in the account that you need for other things.
Bankruptcy STOPS GARNISHMENTS
Bankruptcy stop any future garnishments and attempts from this creditor and others like them from attaching your bank account, draining your money of vital funds, and paralyzing you from being able to make necessary payments such as rent and car payments.
You Must Call Us Quickly And We May Be Able To Reverse the Garnishment
If you can call our office as quickly as possible, our attorney can use the bankruptcy code to protect you and your money. Initially, when a creditor freezes your bank account, the money does not leave the account for a period of about 30 days generally. Once the money is gone, it becomes difficult, if not impossible to get the money back. But if we can file a bankruptcy within as early of a period as possible following this bank levy, you may be able to get this money back immediately or at least within a reasonable period of time as the bankruptcy continues to completion in the 3-4 month period of a chapter 7 bankruptcy.
Arlington Bankruptcy Law Firm Dedicated To Your Best Interests
Call Richard Weaver & Associates in our Arlington office, or visit us at one of our other many locations. Our main offices in Haltom City/Fort Worth is always available and can handle appointments during weeknights, weekends, and more. Call 817-717-7150 for more information or a free consultation in our office or over the phone.