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Joint Bank Account Garnishment

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explorer1234

New member
What is the name of your state? I live in New Jersey, but the case was filed in supreme court in Queens New York.

BACKGROUND

  • I had my own business where I personally guaranteed a business loan from a bank
  • The business subsequently failed.
  • The bank filed a lawsuit and received a judgement against me (even though I was in touch with the lawyers, stating I was unemployed and needed time)
  • The law firm representing the bank has now put a $6280 garnishment on me and my wife’s joints account.
  • My wife was not a party to the initial debt
  • I am currently unemployed looking for work and the family’s only source of income is my wife’s money.


QUESTIONS

  • What options do we have? The money is actually my wife’s money even though we have a joint account as I have been unemployed for over 6 months now.
  • We’re struggling to keep our heads above water now with the mortgage and child care costs.
What can we do?

We need help : (
 
Last edited:

Taxing Matters

Overtaxed Member
When a garnishment or levy is issued to attach property or income that a debtor has the creditor issuing that garnishment/levy steps in to the debtor's shoes and can exercise the same rights the debtor can. With a joint bank account any owner of the account can take funds out without permission of the others regardless of which owner put the money in the account. So since you could take the money out on your own even though she deposited it the judgment creditor can tap the account, too, even though you didn't put the money in there. That's why Zigner's advice here is good — she needs a separate account to put her own money into if you don't want the judgment creditor to reach it. (Note that you do set up problems if you happen to put your money in her account to try to keep it from creditors, so only her money should go into her account.)
 

explorer1234

New member
When a garnishment or levy is issued to attach property or income that a debtor has the creditor issuing that garnishment/levy steps in to the debtor's shoes and can exercise the same rights the debtor can. With a joint bank account any owner of the account can take funds out without permission of the others regardless of which owner put the money in the account. So since you could take the money out on your own even though she deposited it the judgment creditor can tap the account, too, even though you didn't put the money in there. That's why Zigner's advice here is good — she needs a separate account to put her own money into if you don't want the judgment creditor to reach it. (Note that you do set up problems if you happen to put your money in her account to try to keep it from creditors, so only her money should go into her account.)
Thats great advice. Thank you!
 

explorer1234

New member
Also an acuantance was in touch with the opposition lawyer and they still went ahead and requested and were approved for a default judgement. I'm looking at options to have the default judgement removed. Any possible ways to achieve this? I live in New Jersey but the case is in New York
 

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