Information Subpeona and Restraining Notice, What Am I Supposed to Do with It

[aweir14150]

My question involves collection proceedings in the State of: NY

I just received an information subpoena and restraining notice. At the beginning it states "pursuant to section 5222(b) of the Civil Practice Law and Rules, you are forbidden to sell, reassign...property...to any person other than the sheriff...ect." (all that other legal nonsense).What do I do?

then, At the bottom it says "if the bank is not in possession of any assets of this debtor, it will not be necessary to respond to this information subpoena."

Then what am I supposed to do?? I assume this Information subpoena was sent to my bank to get information...but does that mean the sheriff is going to come and seize my assets too?

I would rather them garnish my wages than attach my assets, which have lost resale value over time. For them to come into my home, take my stuff and then garnish my wages AND levy my bank account. Why not just sell my kidney while they're at it?

Should I immediately consult a bankruptcy attorney?

By the way the default judgment for my CC debt is almost 13,000 and I have about $30,000 in student loans.

[Betty3]

You need to do what the subpoena says - do not sell/reassign any property. If there is a judgment against you for the credit card debt, the "creditor"/plaintiff can seize all non-exempt assets/income that your state allows.

You can contact a bankruptcy attorney. However, please note that most student loans cannot be discharged in bankruptcy.

[aweir14150]

Can you give me a rundown of what might happen? i.e. will they just show up unannounced with a warrant, or will they request me to fill out an asset list first and list my own exemptions? It seems unreasonable that they would force me to give up my possessions that I will pay for anyways. Plus they have lost value already. Should I contact the plaintiff and offer a payment plan/ give them my employer information. I can live with a wage garnishment.

I need my bank account back though. As if the plaintiff is the only one in the world I owe money to, they restrain my bank account so I cannot pay other bills. Starting January 1st, creditors cannot restrain your bank account in NY. Gee...I wonder why?

[aweir14150]

Looks like I'm going to have to call an attorney being that I cannot receive any help here from the experts.

[Mr. Knowitall]

Unfortunately we're not psychics, and cannot predict the future. It's sensible for you to consult a lawyer to discuss the wide range of possible outcomes, how you might negotiate, the benefits (and limitations) of bankruptcy, etc. But it's absurd and unrealistic to expect us to walk you through a billion possible futures based upon a couple of short Internet posts.