Can they take my money???!!!!!?

Question

I am letting a car go back, I am three months behind, unemployed student.  I also owe money to a credit card, some medical bills, and a couple of phone bills...a mess, I know.  I cannot file bankruptcy at the moment, though those are my intentions.  In the meantime, however, I am not working so no wages can be garnished to pay these people, but I am a student, I have grant and student loan money in my bank account...this is how I support myself and my son.  Will my money be taken from my bank account, can they do that???  I am so scared, I just need a little more time.

Reena · Accepted Answer

Before somebody can seize your bank account they need a judgment in their favor.

That means your creditors would have to sue you and summon you to court. If that happens make sure to show up in court and explain to the judge what your financial situation is.

All these proceedings.... don't happen overnight and if a creditor calls ans threatens to take your money you can laugh at them and tell them that you know what it takes to get a judgment and to stop the lies and threats immediately.

The bank can hold you liable for the money you still owe after they auction off the car. They sell cheap.... and if the proceeds don't pay off the loan they will come after your for the rest.

Here you need to be careful. If you have bank accounts with the same bank you owe money for the car,... then yes, that bank will immediately turn around and take the money out of your bank accounts to cover the loan amount you still owe.

So.... who financed your car? The same bank that holds your checking account? Bad idea... move the checking account immediately to another bank.

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Can they take my money???!!!!!?

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