How Fast After Missing Loan and Payday Loan Payment Can They Levy a Bank Account
My question involves collection proceedings in the State of: Tennessee
How fast after I miss my loans and payday loan payment can they go to court to freeze or garnish my bank account? I am filing chapter 7 but my lawyer can not file until I have paid all of her fees and that will take me several weeks.
Re: How Fast After Missing Loan and Payday Loan Payment Can They Freeze or Levy Bank
Quote:
Quoting
Zella
My question involves collection proceedings in the State of: Tennessee
How fast after I miss my loans and payday loan payment can they freeze or garnish my bank account? I am filing chapter 7 but my lawyer can not file until I have paid all of her fees and that will take me several weeks.
Unfortunately, if you gave them a post dated check, they can submit that check to your bank every day if they want to, until you close the account.
However, if you did not give them a postdated check, then they would have to get a judgment against you before they could garnish your account.
Re: How Fast After Missing Loan and Payday Loan Payment Can They Freeze or Levy Bank
Thank you for your reply. I should have worded that a bit differently. How soon after I miss a payment can they get in court and get a judgement to freeze or garnish my bank account?
Re: How Fast After Missing Loan and Payday Loan Payment Can They Freeze or Levy Bank
They can sue you the first day after your account goes into default. Even if they file it and serve you with it on the same day it could take several week or a couple of months to get into the courtroom. No way to predict how long that will be. Depends on the court schedule. Once the creditor gets a judgment the creditor might not be able to act on it until the appeal period runs out. Though in some courts that might be different.
Under optimum conditions the creditor could get from start to finish in a month. As a practical matter it could be a couple of months or there may not be any lawsuit at all.
Bottom line - you roll the dice by keeping any money in banks while you face the possibility of a lawsuit. Keep in mind that a creditor with a judgment can also garnish your wages.
Re: How Fast After Missing Loan and Payday Loan Payment Can They Freeze or Levy Bank
Unless one or more of your loans were made by the same bank where you have your bank account(s), "freezing" your account will require suing you, obtaining a judgment and service of a levy. That will take, at a minimum, several months.