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imjustwondering
Guest

Subject: bank account

Mon Sep 21, 2009 6:01 pm

I have a seperate bank account which i put money aside each pay to pay my federal and state taxes as i am considered and independent contractor...if a creditor sues me in court is this money exempt or can they seize it also

carol

Joined: 27 Jun 2006
carol's page
Posts: 1307
Location: Los Angeles, California

29555 Magic Points

Tue Sep 22, 2009 4:29 am

Hi imjustwondering,

If this is a checking account it isn't exempt and the creditor can garnish your account if he succeeds in getting a judgment against you. Moreover, the creditor also needs to have knowledge of the existence of this bank account to be able to garnish it.
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Carol

sunnyca

Joined: 10 Sep 2009
sunnyca's page
Posts: 148

954 Magic Points

Wed Sep 23, 2009 5:31 am

Thats correct

If thee is money int eh bank then probably they can get the money

But if you go to the court judge will for sure want to knwo what accoutns and how much money you have to pay that guy incase

sara

Joined: 13 Sep 2009
sara's page
Posts: 31

515 Magic Points

Mon Oct 05, 2009 5:41 pm

take care of your accounts.creditor can sue you.

sdchargers_63

Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1889

1356 Magic Points

Subject: debts

Tue Oct 06, 2009 10:29 am

So........if someone IS going to sue you, they need to know about every account you may have? What about IRA's, 401(K)'s, Military savings account, etc? You don't have some kind of protection from any OTHER accounts you may have?

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