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St Louis Bankruptcy Lawyer: How Does A Creditor Levy My Bank Account?

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There is only one way that a creditor can place a levy upon your checking account: by getting a judgement against you in court. This judgment must first be achieved before the creditor may take any such aggressive actions against you. Of course, the creditor will not tell you about all the steps involved before they put the levy upon your account!! They will just make it sound as if they can levy whenever they feel like it. Below is a more thorough description of how it works:

When you fall behind on your debts, the creditor will call and call (and harass you over the phone, and send you many threatening sounding letters). If no payments are made, the creditor can do one of two things at that point: 1) sell the debt to a collection agency; 2) or sue you for breach of contract.

If the creditor exercises the second option, then it must file a complaint with the local court. Then you must be served with a summons (by either a process server, or a local deputy sheriff). Then a hearing has to be held, the creditor must make an argument as to why it should receive a judgement, and the judge must rule in favor of one of the parties. If the judge rules in favor of the creditor, then a full thirty (30) days must pass before the judgment is finalized. After this period has gone by, then the creditor may move forward with a levy upon your account.

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Most of the time, the creditor will not give you all of this information (they tend to leave out all the steps they must take, and instead go straight to the threat “We will freeze your bank account!!”). But even if a creditor has frozen your banking accounts, the filing of a St Louis bankruptcy will put a stop to it! All you need to do is give us a call, and we will answer all your questions, thoroughly describe your rights and options, and help guide you through the process from start to finish!!

The affordable St. Louis bankruptcy attorneys at Brinkman & Alter, LLC have been saving and protecting people’s assets for years. Our goal is to make sure that you keep the assets and property you want, discharge the debts that you want to get rid of, and do it all at an affordable cost to you. All phone conversations and office consultations are free of charge.