Rights when bank levy

[rljmb23]

What is the name of your state? IL

My wife has a judgment of $1684.84 from a credit card that went to court. She was paying the account and then missed a month. A couple of weeks went by and found out that there was a levy placed on our account for $3369.68 (twice the amount of the judgment). Is there anything that we can do to release the additional funds that are now frozen?

[HomeGuru]

Originally Posted by rljmb23

What is the name of your state? IL

My wife has a judgment of $1684.84 from a credit card that went to court. She was paying the account and then missed a month. A couple of weeks went by and found out that there was a levy placed on our account for $3369.68 (twice the amount of the judgment). Is there anything that we can do to release the additional funds that are now frozen?

**A: and what did the bank manager tell her when she asked?

[Chien]

Yes. In addition to any specific statutory exemptions that might apply, IL permits a “wildcard” exemption. Every consumer has a "wildcard" exemption of $4,000 in any property of his choice. You can choose to have up to $4,000 in the frozen account declared exempt under this "wildcard" exemption.

If you wish to use this, prepare for a court hearing on exemption rights and prepare for the probability of being served with a Citation to Discover Assets. If you haven’t gotten notice from the creditor about how to assert exemption rights, obtain it from the court. It’s your responsibility to schedule the hearing.

This is a one-time exemption. If your wife works, prepare for a wage garnishment. If there are new deposits into the account, prepare for further non-wage garnishments on anything exceeding the $4,000 already used.