Account Recovery

AUGUST 25, 2020

An online press conference has been scheduled for later today to discuss a new law that is going into effect in California next week that limits how much debt collectors can garnish from an individual’s bank account when seeking repayment on unpaid debts. The law — SB 616 — was passed and signed by Gov.

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Account Recovery

MARCH 14, 2024

While still a few months off on the horizon, the date on which individuals with unpaid student loans may start seeing their paychecks and bank accounts garnished is approaching.

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Account Recovery

JUNE 10, 2021

A month before the federal Child Tax Credit payments start landing in the bank accounts of individuals across the country, the Attorney General of California issued a warning to financial institutions, creditors, and debt collectors that it is illegal to seize those funds to pay individual debts under a state executive order.

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Account Recovery

APRIL 18, 2024

The Attorney General of New York yesterday announced that a financial institution will pay $700,000 in fines and penalties for illegally freezing customer accounts and sending debt collectors tens of thousands of dollars that should have been protected or exempt from garnishment.

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Credit Corp

MAY 17, 2021

But those who are struggling with debt might wonder: Can my stimulus check be garnished for credit card debt or other money owed. In some cases, the money you get from the third stimulus could be garnished. If the child support is a federal or state debt, stimulus money cannot be offset or garnished to cover it.

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Account Recovery

AUGUST 16, 2024

A District Court judge in Arizona has granted a defendant’s motion for summary judgment in a Fair Debt Collection Practices Act case, ruling that it is entitled to the statute’s bona fide error defense after garnishing a bank account where Social Security payments were deposited to satisfy a judgment.

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Account Recovery

AUGUST 16, 2024

A District Court judge in Arizona has granted a defendant’s motion for summary judgment in a Fair Debt Collection Practices Act case, ruling that it is entitled to the statute’s bona fide error defense after garnishing a bank account where Social Security payments were deposited to satisfy a judgment.

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Credit Corp

JUNE 3, 2021

Can debt collectors take money from your bank account to offset debts you owe them? How to Open a Bank Account That No Creditor Can Touch. In truth, it’s fairly rare to have a bank account that no creditor can touch. However, there are some types of accounts that are less susceptible to garnishment.

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Albuquerque Law

DECEMBER 14, 2021

million people across the United States had their wages garnished to pay debts. Wage garnishments are a common tactic creditors use to collect debts. We have discussed the important aspects of New Mexico’s laws regarding wage garnishments in previous blog posts. You can challenge garnishments. In 2020, more than 4.5

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Jimerson Firm

JANUARY 26, 2023

When a judgment creditor in Florida attempts to collect on a judgment involving an individual, one mechanism for doing so is through a garnishment action of the judgment debtor’s bank account. Florida has a statutory garnishment process that judgment creditors must follow. See Florida Statute Chapter 77. Urvan, LLC.

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Account Recovery

SEPTEMBER 25, 2024

These new laws, set to take effect in 2025, will reshape how medical debt is reported, expand consumer protections, and alter the landscape for commercial debt collection.

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Account Recovery

NOVEMBER 9, 2023

A new law that went into effect last week in Minnesota requires hospitals to check whether patients are eligible for charity care before sending an account to a third-party collection agency, while also placing new requirements when seeking to collect on a medical debt by garnishing wages or bank accounts of individuals.

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Account Recovery

DECEMBER 30, 2024

Virginia Proposed legislation in Virginia seeks to provide financial breathing room for consumers by automatically exempting the last $5,000 in a bank account from garnishment. The bill, introduced by Delegate Phil Hernandez, aims to help individuals maintain housing and essential expenses while navigating debt repayment.

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Direct Recovery

JUNE 24, 2020

Like many other consumer-focused states, California has put a number of different protections in place that forbid debt collectors from garnishing those valuable stimulus checks. In a situation where a standing judgment exists, it is possible for the person holding that judgment to garnish a portion of the debtor’s stimulus check.

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Account Recovery

AUGUST 26, 2024

WHAT THIS MEANS, FROM STACY RODRIGUEZ OF ACTUATE LAW: After a collection law firm garnished an Arizona judgment debtor’s bank account, the debtor raised FDCPA claims alleging that all funds in the account were social security benefits and, thus, exempt from garnishment. More details here.

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Collections Law

JULY 25, 2024

With a thorough understanding of the idiosyncrasies of Massachusetts collections laws, they can lend their extensive knowledge to your company’s outstanding debts with post-judgment collection strategies, like bank attachments. What is a bank attachment? A bank attachment is a powerful post-judgment collection tool.

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FFGN COLLECT NY

JUNE 3, 2020

With both consumers and small businesses receiving funds from the Paycheck Protection Program (PPP) and CARES Act, questions have come up as to whether these amounts can be frozen or garnished by debt collectors or creditors. Is garnishing PPP or CARES Act funds an option for satisfying outstanding monies owed to judgment creditors?

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Debt RR

AUGUST 3, 2020

This unpaid debt can lead to a serious problem for businesses: garnishment. Bank account garnishment can create serious cash flow blocks for companies of all sizes, and those cash flow problems can compound into other issues, like payroll concerns and late payments on other accounts.

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Public Citizen

MAY 9, 2022

The Consumer Financial Protection Bureau has finalized an enforcement action against Bank of America for processing illegal, out-of-state garnishment orders against customers’ bank accounts. The CFPB's press release, with links to relevant documents, is here.

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Nexa Collect

MARCH 12, 2021

The CFPB has the authority to stretch its long arm as far as the most remote corner of the United States and its territories in order to supervise and audit local banks, credit unions, payday lenders, debt collection agencies, and more. The first thing to keep in mind is that the FDCPA applies there just like anywhere else.

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Nexa Collect

JUNE 21, 2023

This can lead to wage garnishment, bank levies, or liens against your property. Wage Garnishment and Asset Seizure : If a judgment is entered against you, the creditor may be able to garnish your wages, levy your bank accounts, or place liens on your property, depending on the laws in your jurisdiction.

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Nexa Collect

JANUARY 19, 2022

Repercussions can include wage garnishment, frozen bank account and other assets. If the debtor is not traceable or unresponsive, a collection agency can file a lawsuit and if you do not respond in the court on time, it can result in a default judgment against you. Not every case lands in court.

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Sawin & Shea

NOVEMBER 15, 2022

Additionally, your employer may find out about your bankruptcy if creditors garnished your wages before you filed. Creditors can garnish your wages if you fail to make payments. Your employer or supervisor won’t necessarily know about your wage garnishment, but your payroll department will. Can I Be Fired for Filing Bankruptcy?

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Nexa Collect

APRIL 27, 2021

Although creditors and collection agencies can pursue legal means of debt collection like garnish wages, place a lien on the property, or freeze bank accounts of the debtor; but not more than 20% of debts qualify for legal action, either the low balance or the complexity of the case.

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Credit Corp

JUNE 3, 2020

This includes opening a credit card account, getting a line of credit from your bank and obtaining financing for a big purchase. Common methods include wage garnishment , property attachments and property liens. That means judgment creditors can seek debt payment from more than your wages and bank accounts. Nonwage garnishment.

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Troutman Sanders

JANUARY 29, 2024

However, testimony later showed that the entity listed as holding the debt, Direct Merchants Bank, was not the actual creditor but rather a registered trademark owned by Metris Companies. The same day a hearing was set on the debtor’s motion, the debt buyer filed a voluntary dissolution of its writ of garnishment.

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Consumer Financial Services Law

OCTOBER 12, 2016

The Eleventh Circuit recently joined the First and Eighth Circuits in concluding that the FDCPA’s venue provision does not apply to post-judgment garnishment proceedings. Post judgment, the law firm filed a garnishment proceeding against the consumer’s bank seeking to collect on the judgment. 1692i(a)(2). Ray, CITE. “[A]s

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The Kaplan Group

AUGUST 6, 2020

Once we have a lien for our clients, we can do a bank levy and that will take out all the money in the bank account on that day up to the total amount owed (which includes court costs, interest and attorney fees awarded by the judge).

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Nexa Collect

JUNE 27, 2023

Wage Garnishment : In some cases, especially with federal student loans in the United States, the lender or collection agency can get an administrative garnishment order which allows them to take a certain percentage of the borrower’s wages directly from their employer.

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Public Citizen

OCTOBER 29, 2020

Puerto Rico, and the Virgin Islands that protect wages, assets in a bank account, and property from seizure by creditors. “By Only when stimulus checks were deposited in families’ bank accounts and garnished by debt collectors did many states realize that they had no state laws to protect a basic amount in a family’s bank account.

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Collection Industry News

MAY 24, 2021

Andrew Cuomo (D) signed legislation on Thursday that blocks debt collectors from garnishing residents’ coronavirus stimulus payments. New Yorkers who are subject to a monetary judgment against their bank account will receive a notice indicating that the pandemic-related funds are protected. Source: site. New York Gov.

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Account Recovery

DECEMBER 26, 2024

Whats new: The NCLC report evaluates state exemption laws across five areas: wages, homes, vehicles, bank accounts, and household goods. No state meets all basic standards for protecting families against poverty, according to the report.

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Sawin & Shea

NOVEMBER 23, 2022

Judgment creditors can actually take money right out of your bank account, garnish wages from your paycheck, and put a lien on your real estate in order to collect what you owe. Creditors can, and most likely will, take you to court if you owe a debt such as a credit card or medical bills and cannot pay.

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Credit Corp

OCTOBER 25, 2020

If you’re not careful, old bank accounts can even affect your credit and the amount your debt will cost you over a lifetime. Find out more about the process and whether a bank can sue you for an overdrawn account below. That means you’re now $75 overdrawn and you owe that money back to your bank.

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Sawin & Shea

FEBRUARY 16, 2022

If you’re in an emergency situation such as wage garnishment, eviction, or pending repossession filing an emergency bankruptcy may be right for you. Those filing an emergency bankruptcy receive an automatic stay even before completing certain documents. An automatic stay is an injunction prohibiting creditors from collecting debts.

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Jimerson Firm

JANUARY 28, 2021

Compass Bank , 164 So. Liberty Bank , 87 So. For example, the lender can get a judgment lien against the borrower’s personal property, garnish the borrower’s wages, and/or levy the borrower’s bank accounts. 3d 49, 57-58 (Fla. 1 st DCA 2015). 5)(h), Fla. Empire Developers Group, LLC v. 3d 51, 53 (Fla. Conclusion.

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Better Credit Blog

APRIL 4, 2022

Agents can simply imply threats, and that’s often enough to prompt payment, such as threatening to call your employer and set up wage garnishment arrangements. But, under federal law, a legitimate debt collector must first successfully sue you in civil court to be able to garnish your wages. Bank Account Information.

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