Judgment creditor is a credit card company, how much can be garnished from a business account?
Question Details:
Court ordered garnishment of sole bank account is in process (I treid to settle but creditor rejected the offer). My problem is that I am out of business and unemployed without the account. My checks must be deposited in my business account by law and I do not have access without court approval. All my work is done for one company who forced all of their drivers to incorporate. My income is about 30 percent of my receipts of which a great percent goes to vehicle expense. Seizing my account, in perpetuity, seems like a run around wage garnishment laws which have federal restrictions on amounts that must be forfeited. How can I make this case? I cannot affordan attorney.
Business Law Answers
Unfortunately, in this situation you don't have the protection that the law gives to individuals' paychecks, limiting the total amount that can be garnished (usually 10-15% of the gross pay). Strictly speaking, this isn't a garnishment, it's really an ongoing attachment to whatever money comes into the account, and theoretically any money you get could be taken, if the court approves.
It sounds as if you might really need to talk to a bankruptcy attorney about this.
Related Business Questions
Didn't find your answer? Ask.
Top Ranking Attorneys
- Hong Shen210 Answers|Points 10500Gold Contributor
- Joseph Gasparrini46 Answers|Points 2200Bronze Contributor
- Kelly Broadbent81 Answers|Points 4000Silver Contributor
- Russ Pietryga78 Answers|Points 3850Silver Contributor
- Shawn Jackson17 Answers|Points 850Bronze Contributor
- Glenn M. Lyon, Esq.27 Answers|Points 1330Bronze Contributor
- Hong Shen210 Answers|Points 10500Gold Contributor
- Kelly Broadbent81 Answers|Points 4000Silver Contributor
- Russ Pietryga78 Answers|Points 3850Silver Contributor
- Sharon Siegel62 Answers|Points 3090Bronze Contributor
- Michael D. Siegel56 Answers|Points 2750Bronze Contributor
- Paula McGill50 Answers|Points 2500Bronze Contributor
Are you a lawyer?Want to be featured here? Sign up for a free profile and get started today! Click Here
 |