So you just got a letter from your bank that your account has been frozen. Or perhaps your checks have started bouncing when there’s clearly enough money to cover them. One way or the other, you have discovered that a creditor has levied on your New Jersey bank account to collect on a judgment.
Do They Have to Give Notice?
But why didn’t you get notice that the creditor was going to do that? Aren’t they supposed to tell you in advance? Well, the answer is, no they do not. New Jersey law allows a creditor to levy on a bank account without giving you notice in advance. Why?
Well, what would you do if you found out that a creditor was going to levy your bank account in 7 to 10 days? You would close the account, of course! Knowing this, the law allows for a sniper attack on your account. However, that does not mean that the creditor can take your money without notice or without giving you a chance to object.
Then How Do I Fight It?
When your account is levied, the money isn’t actually taken by the creditor; it is frozen by the bank. They hold it administratively pending further order by the court. The creditor must then make what is called a Motion for Turnover of Funds, with notice to you, giving you the opportunity to object.
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You don’t have to wait for this, however. You can file a motion to object to the levy and be heard. There are some defenses to a levy, so if you have one, you should assert your rights. A creditor can freeze your money without notice, but it cannot take it from you without a fight.
So What Do I Do?
The first thing you need to do is download my free Bank Levy Survival Kit to fight it yourself without having to hire a lawyer!
If you live in southern New Jersey and want a lawyer to represent you to fight a bank levy, call my office at 856-432-4113 or contact me through this site to schedule an appointment to come in. Be aware, however, that there is a $200 fee for the consultation.
Want more information on how to fight back with your creditors? Then download my free book, The Biggest Secrets Your Creditors Don't Want You to Know. Become empowered and protect your rights!
If your debt situation goes beyond one or two creditors, however, and you are wondering whether you need a solution to a bigger problem, then download my free book, Am I In Too Deep? A Guide to Knowing When You Need to File Bankruptcy in New Jersey to find out if bankruptcy might be the solution.