Contacting Laura Margulies & Associates LLC When a Creditor Garnishes Your Bank Account
Once a creditor has received judgment against you, it is their responsibility to do anything they can to collect the money that you owe. One of many methods they will use to collect this money is to garnish your bank account. Unfortunately, there is not a lot you can do when a creditor places a freeze on your bank account. This is because most creditors are unwilling to work out a payment plan once they have access to your account.
It is not uncommon for people to approach a lawyer in a panic when they realize that the creditors have placed a freeze on their bank account. Fortunately, there are things that a lawyer can do if you contact them as soon as you notice that your bank account is being garnished. The lawyer can take certain actions to get the funds released from your account before the creditor can get to them. It is important to contact a lawyer as soon as possible as you only have 30 days to get the funds released before the bank is required to give them to the creditor.
There are certain funds that are exempt from being garnished. These funds include unemployment, social security, retirement benefits, and a certain amount of cash. Individuals in the state of Maryland, for example, are allowed to have up to $6,000 that is exempt from being garnished. Once you notice a creditor has gained access to your bank account, you need to have a lawyer determine whether or not the money that is frozen in your account is exempt from being garnished. The unfortunate truth is that the bank and the creditor are not responsible for determining whether or not funds are exempt from being garnished. They are going to take that money within 30 days of freezing your account unless you hire a lawyer to stop them.
Residents of Montgomery, Prince George’s, Frederick and Washington, Maryland that struggle with debt have turned to a law firm called Laura Margulies. Click here for more information.