Credit Card Judgement: Is it legal to pull your own money from bank account?

Question

I'm answering a question in another forum and not sure if this is correct:

A person is being sued by their credit card company over a default and they expect to loose...and a judgement of at least $5,000.

They have a bank account with an average balance of $1,500 for living expenses. With a judgement the creditor will be able to freeze the account and take all the money.

Question: Is there anything illegal about pulling out the $1,500 in cash prior to going to court and putting that money in a safe at home to keep the creditors from getting the money from the judgement?

bdancer222 · Accepted Answer

Not illegal to  pull funds from the bank account ... especially before the court date.

SumDude · Answer

Courts take a dim view of people trying to hide assets.   However, if one were to pay their normal bills a bit early  (and stop any automatic deposits that go in to replenish the account) the court could probably only frown.  Until judgement is rendered, all bills have equal standing.

[With no money in the bank, the cc company would just go after the man's paycheck - making the question moot.]

Of course, with $1500 in the bank (plus more coming in every month) the debtor should have already worked out a repayment plan ....

StephenWeinstein · Answer

The problem is not whether it is illegal to take your own money out of the bank and keep it at home.  The problem is very dangerous, if you have already posted anything online about it.  There are criminals who look for things like this online, and then break into the houses to steal money.  If you leave the money in the bank, you could lose the money.  If you keep it at home after posting this question online, you could get your house damaged, lose the money, and possibly be murdered.

? · Answer

until the actual judgement is in place and registered
with the bank - u can clean it out..

if u at point of being sued for credit card, visit any of dozens
sites to learn credit laws if in USA and how to settle b4 or after
for pennies on dollars.

a library will help u for free.

Anonymous · Answer

If the monthly income is from social security, they can not tough it under any condition. Only the IRS has that power. My understanding is that if you add "In trust for", they can not take it but it would be best to check with the banks legal department.

Anonymous · Answer

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Credit Card Judgement: Is it legal to pull your own money from bank account?

6 Answers