Massachusetts companies
Question
Is it legal in massachusetts for credit card companies to place a lien on a bank account?
So, I am prepared for my credit card company to sue me. I make so little, I'm not worried about garnishment, they may get nothing at all doing that. I am worried about the possibility of them placing a lien on my bank account, which is something they really should not be allowed to do. This is a two-part question. First, is it legal for them to do so, and second, will moving the funds to another bank account prevent them taking all my money, or will they use my S.S. number to locate new bank accounts? In this case I would have to simply ask someone I trusted to keep my money for me in their account to protect my money. You have a point. I absolutely owe them the money and WANT to pay it back. The problem is I cannot give them what they're demanding--either a settlement or the full amount or I get sued. The reason I am thinking of hiding my money is NOT because I am trying to avoid payment. I am trying to avoid them taking money unauthorized. If they can be sane and reasonable, I will work out a payment plan, but I am under the impression that they are unwilling, at this point, to make any honest payment arrangements with me and are just trying to take all of my money. I am more than happy to agree to a plan, however, they have put me in a very shitty situation. If they garnish my wages they won't get anything because I am minimum wage. If they place liens on my bank accounts all my money will be gone and I won't be able to pay my other debts.
3 years ago - 2 answers
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yes this is legal, if you have money and you know that you are being sued by a company the best thing to do is pull out your money from the bank and dont put it somewhere else' or under another account or bank that is under your name, once they won the case, they have every right to put lien on all of your accounts no matter bank you have,they could search everything on which banks you have an account, the best thing to do is pull out your money as soon as possible then ask someone to open an account for you under their name so you could your money in there so they wont find out or think that that's your money coz its gonna be under another persons name but just make sure the person your gonna ask is trustworhty and is not running away from debts too! If ever they are succesfull putting a lien under your acount and the money is not enough to cover your balance, they wont be able to take your money but it stays there for atleast a year and you wont be able to take money out after a year or it depends on the company, they have no choice but to take that money as a form of your payment, but leaving the situation like this, you might end up paying more for the bank will start charging too! it depends on the bank sometime they charge interest or they charge monthly fee for that the minimum is $5.00
by b3ll3ny
3 years ago
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Other Answers
Like it or not Banks have a very good understanding of what they can and cant do. I can tell you if they are doing it then it is very legal and if it wasnt what are you going to do about it? They can take on any buaerocrat you throw at them. and they will chew thenm up and spit them out. Any lawsuit against them will bew financed heavily and kept in the courts so long your great grand children will be paying the bills. If you owe the bank money and have difficulty paying then they will get you. You can try and out manouverve them and try and hide your money. Dont be misled if they cant find you then they will pidgeon hole your bank account , accumulating interest and penalties until one day, when you are on you feet , they will find you and they will own you. Possibly for shits and giggles they might even prefer to charge you with fraud, dishonest dealing and theft, it wont take them long to work out you have diverted funds.they may even invite the IRS to the party. Those guys love people who divert funds.. Wow then you get Joliet as well! It might be tommorrow , it might be in ten years but you will come up on the radar. Dont try and be a smarty , you wont win .Deal with it ...you owe money that has to be paid back.PAY IT. If you cant pay talk to the bank and come to an agreement, you might fing they are prepared to listen because chasing losers only pisses them off and costs them money. At the end of the day they only want their rightful money. If what you say in your edit is true then the only real option is to tell them to back off , seek and agreement or you will go bankrupt and they will get nothing and cant touch you. Basically if you are at the point where you cant let them touch your monet or dont have enough for them to do so then Bankruptcy is your way out. Sure it will be years before you get a loan bu then it is probably the last thing you need right now.
by simon_sainteclaire- 3 years ago