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Bank Levies

April 23, 2012 | Comments: 0 | Views: 221

I am the nation's only Judgment Broker, and I am not a lawyer. My articles are my opinions, and not legal advice. If you ever need any legal advice or a strategy to use, please contact a lawyer.

If you know where your judgment debtor banks, a bank levy is often the simplest way to recover a judgment. A bank levy, called a garnishment in some states, happens when the Sheriff or their agents (and sometimes also registered process servers), with proper instructions and payment, instructs a bank to seize your judgment debtor's bank account funds to help pay what is owed toward satisfying your judgment.

If your judgment debtor has enough money deposited, when their account(s) are frozen to satisfy your judgment; you might get your whole judgment recovered with one bank levy. However, usually, judgment debtors have less in their bank account than what is required to fully satisfy your judgment. You may have to keep trying more enforcement strategies, to recover the rest of your judgment.

As important as how much money is in your judgment debtor's bank account is; much depends on the laws of your state. While a few states restrict or do not allow bank levies, most allow them.

Bank levies require specific forms and documents. Levy information can be found online, including laws, articles, and other resources. Your local court or Sheriff may have laws and policies on their web sites, including the required forms.

The costs to levy a judgment debtor's bank account varies from state to state, and sometimes also by county. You must get permission from the court, and buy a writ of execution or its equivalent from them. Then you must pay the Sheriff and sometimes also a registered process server. In California, this costs an average of $65 to $165, depending on which county. There are never any refunds for any fees you pay.

Usually, the biggest challenge is finding out where your judgment debtor banks. In some states and/or banks, due to old laws written when typewriters ruled the Earth; one must levy the exact branch where the debtor's account was first opened at.

Make sure to double-check your information, especially when your debtor has a common name, or shares their name or SSN with relatives. If you levy the wrong person's account, you must return their money, or ask the Sheriff to return their money. You should also pay them something extra, more than what is required to cover their hassles and incurred costs due to your error. Another potential levy complication is, sometimes even when you levy the correct debtor's bank account, some will lie and say you have the wrong person.

Bank levies do not always work, and can fail for many reasons including no money was in the account, overdrawn accounts, the bank claiming there is no such account, name variations, SSN sharing, DBAs, trusts, bank shared ownership issues, typographic errors, technicalities, and timing issues.

Often, the Sheriff requires you to type a document with instructions to the bank, where you ask them to freeze any and all accounts that your judgment debtor has at their bank. One should word their instructions to include all accounts matching the name and Social Security number of the judgment debtor.

If the stars align, and your paperwork is right, and your instructions are clear and specify what is required; the bank should freeze all the accounts belonging to the judgment debtor, including checking accounts, savings, safe deposit boxes, etc.

You will need to find out the name and address of the banks, credit unions, or other financial institutions where your judgment debtor has money deposited. Once you know that, you fill out the forms, write a few checks to the Sheriff and the court, and perhaps also a process server. Then you wait weeks or months to learn the levy results, or for your check to arrive.

If your judgment debtor is a corporation, their bank accounts can be levied too. It is often easier to discover where a business banks, than it is to find out where a person banks.

When your judgment debtor finds out that their account is frozen, they may be angry. They will also know you are serious about getting paid. Often, when a partial recovery is made with a bank levy, discussions about payment plans begin. One common agreement offered by judgment owners is: "No more bank levies will happen, as long as the judgment debtor stays current on a payment plan".

The latest versions of the best judgment articles, with search, is at http://www.judgmentbuy.com/JudgmentArticles.html

http://www.JudgmentBuy.com - Judgment Enforcement. The free, easiest, fastest, and best way for the best chance to get money for your judgment.

Mark D. Shapiro, the free judgment matchmaker. We have the best free judgment referral leads for enforcers, judgment buyers, collection agencies and contingency collection attorneys. ment referral leads for enforcers, judgment buyers, collection agencies and contingency collection attorneys.

Source: EzineArticles
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