How to protect your bank account from judgement?
Designate a person to serve as your trustee. You must not only select a person with experience and whom you trust but an individual that understands your financial needs and desires. List yourself as the beneficiary of the trust. In other words, you are both the grantor (the person creating the trust) and the individual who benefits from the trust.
What happens when a judgment is issued against you?
In some states, creditors can force the sale of your home. At the very least, the judgment appears in your county’s property records, so when you sell or refinance your property, the title insurer will require that the judgment be paid in full from the proceeds.
What happens after a judgement has been vacated?
After a judgement is vacated, you have to attend the new trial and present your defences or arguments against the complaint.
Can a court issue a default judgment against you?
For instance, a statute of limitations may prevent a creditor from collecting funds you owe them, after a set number of years. But that same creditor may initiate a lawsuit against you—hoping that you’ll ignore it—thus allowing them to receive a default judgment against you.
Can you Levy a judgment on a joint bank account?
If you have a judgment against one spouse, but not the other, and the married couple owns a joint bank account, whether you can levy all of the money in the account, only one half of the money in the account, or none of the money in the account depends on state law.
Designate a person to serve as your trustee. You must not only select a person with experience and whom you trust but an individual that understands your financial needs and desires. List yourself as the beneficiary of the trust. In other words, you are both the grantor (the person creating the trust) and the individual who benefits from the trust.
Can a judgment debtor freeze a bank account?
This is true if the judgment debtor receives protected federal benefits (like Social Security, Supplemental Security Income, veterans benefits, and a few more) via electronic deposit. The bank cannot freeze any of those funds deposited within two months of the bank levy order.