How Does a Debtor Know Your Bank Account Balance
My question involves collection proceedings in the State of: NY
I have an 11 year old judgement that popped up out of the blue about 18 months ago when they had the county send an order to my employer to garnish wages.
I know that if there is a balance of over $2,500 in your bank account they can freeze your account and take that. So how does it work? Is chase sending them my daily balance, is this something they check? How do they find out?
Re: How Does a Debtor Know Your Bank Account Balance
All they have to do is send a back levy order. They can send one that orders if they account ever reaches the minimum or send one periodically that will be ignored if your account doesn't meet the minimum balance.
Re: How Does a Debtor Know Your Bank Account Balance
The person who owes money is the debtor, rather than the person that it's owed too.
They don't need to know how much is in your account. They'll ask for all above the limit (it may be as much as $2850 if you are receiving direct deposit of government benefits). The bank won't tell them what's there until they request the levy. They can come back with levy's in the future if they don't reclaim all the funds. It would be well advised that you calculate the actual protected amount and keep no more in your account. The rest is subject to being scraped off to pay your debt at any time.