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Bank Account Garnishment gives wage earners the right to receive at least a part of the compensation for the personal services they give in spite of Bank Account Garnishment. With a few minor exceptions such as the statutory exemption and payments received from Social Security, the entirety of all of your bank accounts may be subject to bank account garnishment by one who has entered a judgment against you. In general, the bank needs to know the debtor bank, or where he or she works, or of someone who owes the debtor money so they can carry on with the bank account garnishment action. The garnishment costs a small fee, plus the costs of serving the papers. Banks can only garnish disposable earnings and the amount they can take is set by state law.
Bank account garnishment process includes gathering the required information, entering a judgment and providing the garnishment forms and supplies. Garnishing a debtor’s bank account will require the debtor’s line of work, his account number and the name and address of his bank. And once they have this information and after accomplishing the forms, they may now process the completed forms and serve the garnishment papers.
Creditors notify the bank first before notifying the debtor so your funds are frozen before you can take any action. This is to prevent you from withdrawing all your funds to avoid a bank garnishment. This action is legal as state laws and banking rules govern how the bank must handle the garnishment process. You will basically receive the notice including your rights after a day or two.
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