Hi carol,
I have been reading alot of posts, and I liked the info I have seen so I joined, and you seemed to have alot of answers. I was not able to find a direct answer for my question, If you dont mind I have a quick question.
I had a judgement on my Bank account 1 year to this date. I have not used this account since then, but I do look at it, there still a neg balance, the credit company says it double the amount of the loan. They did not take the money out of the bank yet, nor would they settle on whats in there, (little over half of the debt).
My question is how long is the judgement on the account before I can have access to it, the bank is in NY, If I am not mistaken the bank said a year and they have to renew it to keep it intacked.
It would be nice to get the money out and add it to the rest I have saved.
Thanks
Timber
I received this as a private message so I thought if anyone would like to share their opinions on this.
Well Timber
A judgment usually stays on your credit report for at least 7 years unless your state would have any laws to get it extended. When there is a judgment on your bank account you cannot use the money in it or use checks to withdraw the money or even transfer it. All your funds in the account get frozen. However, if the funds in the account are exempt, you will have to let the bank know that as you receive notice about the account being frozen. It is best to keep exempt funds in separate accounts.
Judgements will stay on as long as they keep them active and most places if they have went through the trouble of getting the judgement, which is the hardest, most time consuming part, will file the paperwork to keep it active. Filing the paperwork to keep it active is the easy part.