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  1. #1
    Join Date
    Feb 2008
    Location
    Georgia
    Posts
    3

    Default Judgement And Bank Account Garnishment In Georgia

    I have a judgement against me from a credit card company. The collection agency froze/garnished my bank account in 2006. They took the money that was in the account and the account stayed frozen for 45 days. Now the debt has been sold or transferred to a different collection agency. Can they garnish my bank account again?
    in Georgia

  2. #2
    Join Date
    Apr 2007
    Location
    Il.(near StL,Mo.)
    Posts
    5,252

    Default Re: Judgement And Bank Account Garnishment In Georgia

    If you still owe on the debt & they get a judgment against you.
    Too often we underestimate the power of a touch, a smile, a kind word, a listening ear, an honest compliment, or the smallest act of caring, all of which have the potential to turn a life around.

  3. #3
    Join Date
    Feb 2008
    Location
    Georgia
    Posts
    3

    Default Re: Judgement And Bank Account Garnishment In Georgia

    Okay, so if the judgement was aquired through the court system via the original collection agency who then sold the account does the new collection agency have the legal right to garnish my bank account without a "new judgement"?
    Thanks for your replies

  4. #4
    Join Date
    Apr 2007
    Location
    Il.(near StL,Mo.)
    Posts
    5,252

    Default Re: Judgement And Bank Account Garnishment In Georgia

    If you still owe the debt & the new coll. agcy. gets a judgment against you, they can garnish your bank acct.
    Too often we underestimate the power of a touch, a smile, a kind word, a listening ear, an honest compliment, or the smallest act of caring, all of which have the potential to turn a life around.

  5. #5
    Join Date
    Nov 2007
    Posts
    811

    Default Re: Judgement And Bank Account Garnishment In Georgia

    Companies, often referred to as JDBs, or Junk Debt Buyers, buy and sell bad debt like the bond market sells bonds. For them they pay 2-5 cents on the dollar and if they collect 10% of purchased debts they are doing really well.

    It's like you spent $2 million to purchase $100 million of bad debts. If you collect and get 10% on those bad debts and spend another $1 million - $2 million in collection fees you are still up $6 million dollars. It's a numbers game and judgements have a long Statute of Limitations.

    In most states, including Georgia, a judgement can be purchased or assigned.

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