Judgement Lien On Bank Account In Bronx
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FAQ
A judgment is good for 20 years, but if the plaintiff wants to enforce the judgment against land it is only good for 10 years unless the plaintiff renews it for another 10 years.
New York is one of the few states that protects your bank account by requiring the judgment creditor and the bank to take certain steps before your bank account can be levied or restrained.
A Judgment against the Debtor remains as a lien against real property for a period of ten (10) years, renewable for an additional ten (10) years.
Personal Property Execution If a Judgment Creditor knows that the Judgment Debtor owns a car, truck, motorcycle or other personal property of significant value, the Judgment Creditor may file a Property Execution.
However, involuntary or statutory liens can also be created when a creditor seeks legal action for nonpayment of a debt. For example, a court can place a lien on the debtor's assets, including property and bank accounts.
Filing a Lien at the County Clerk's Office A Judgment Creditor can make their City Court Judgment more powerful by filing their judgment in the County Clerk's Office. This is accomplished by the Judgment Creditor requesting a "Transcript of Judgment" from the City Court Clerk.
In New York, a judgment creditor can levy a debtor's bank account, including a joint bank account, by serving a restraining notice on the bank. The bank is then obligated to freeze the debtor's assets up to the amount of the judgment.
Some judgment creditors try to seize funds right away, and others never actually take funds at all. Most judgment creditors will wait at least a few weeks before attempting to levy your bank account.
If a judgment has been issued against you, the creditor can satisfy its judgment by freezing your bank account and taking a portion of your wages. Procedures differ from state to state. For example, in New York the creditor needs to get in touch with an enforcement officer such as a Marshal or Sheriff.
You can stop a bank account garnishment by filing a claim of exemption or objecting to the garnishment in court. To challenge the garnishment, you must prove: The funds in the account are exempt (e.g., Social Security, disability, or other protected income). The creditor failed to follow proper legal procedures.
