One of the most devastating kinds of garnishment to befall people is bank account garnishments. This is often used as a last resort by many creditors if you fail to do your financial obligations to pay for your debts. Mostly, your creditors will turn to such harsh measures such as this after other less drastic measures have proven ineffective.
A garnishment on a bank account has repercussions not just on the financial aspect but also on emotional facets. Your bank account is something that you have taken care of and you simply will not want just anyone messing with it.
How are bank account garnishments done?
Usually, your bank accounts can be considered for garnishment if you fail to pay your creditors on time or you do not communicate with them. Your creditors can obtain a court order to freeze your bank accounts and withdraw funds to suffice for your debts. It is demeaning because it feels like an infringement on your privacy and right to manage your finances. Your precious bank accounts may be traced and money could be forced up to pay for the debts that you have not finished. Of course, this is the sort of thing that people do not wish to happen to them.
Can I just transfer my funds to a new bank?
The desire to run away from it all may be overwhelming but would not help a bit. Even if you choose to transfer to a different state or place, your garnishments on the bank accounts will not disappear just as easily. It may seem like a solution to run away from that bank account and try to get away with it. Avoid your finances to ruin your life by being responsible and taking charge of them in the first place.
If bank account garnishments do not work, what else can be worse?
They have taken hold of your bank account but the funds are not enough to pay off your debts, happens next? They may resort to deducting your wages so you must act fast to stop wage garnishment if it is in line. If you do not have a job, they may resort to even drastic measures like property foreclosures and the like.
Bank account garnishments are never a welcome thought in anybody's life. If you hope to avoid these garnishments, be responsible for your finances and be wise in money matters.
Information on Bank Account Garnishments