Frozen Bank Account? Cherry Hill Debt Negotiation Lawyer Joel R. Spivack Esq. Will Negotiate to Get You Access to Your Money

When creditors grow impatient with clients who fail to pay their bills and ignore repeated requests to bring accounts current, they have the right to go to court and petition for a judgment against you. If the court grants a judgment, the creditor then has the right to freeze your bank accounts in an effort to get you to pay up.

If your bank assets are frozen, you won’t have access to the vast majority, if any, of your money. You won’t be able to pay your rent or buy food or other essential items. If you are facing this kind of debt, and have had your bank accounts frozen, contact an experienced debt negotiation lawyer who can explain debtors’ rights to you. Bankruptcy lawyer Joel R. Spivack, Esq. has been helping people manage debt issues in Cherry Hill, Marlton and Moorestown, NJ for more than two decades. He will help you, too.

When Can Creditors Freeze Your Bank Accounts in Camden County, NJ?

Unfortunately, most people don’t simply decide not to pay their bills. Unmanageable debt, due to a lost job, medical bills or other issue, forces good people into situations where there isn’t enough money to pay all their bills. Debt mounts uncontrollably and, before you know it, you are in over your head – living paycheck to paycheck if you are lucky.

Your creditors may give you some slack if you ask for it. However, there is a point when they just want their money back and they are willing to pay legal fees in an attempt to force you to pay. Now, there are several important guidelines creditors must follow to collect debt. When it comes to obtaining a judgment against you, creditors must notify you of their decision to do so. (There are some exceptions to this notification requirement; i.e. if your debt is in regard to past due taxes, student loans or child support, no notification is required.)

In the case of credit card debt, outstanding medical bills or any other types of debt, however, this notification should serve as warning that if and when they get the judgment, you may have your wages garnished and/or bank accounts frozen.

What Happens When Your Bank Accounts are Frozen in New Jersey?

When a creditor gets a judgment against you, they must make you aware of their intentions to possibly freeze your accounts. Generally, while some companies act on their permission to seize your bank assets immediately, others may never do so. Perhaps they were just trying to scare you into paying your past due bills. Most creditors wait about a month before acting on the judgment in order to give you some time to get the account in good standing before taking the most drastic of steps.

When your account is frozen, however, you will not have access to the bulk – if any – of your funds. Outstanding checks written against the account will bounce. You will not be able to withdraw or transfer money at all. This means you’ll have more creditors breathing down your neck. As a result, you may not be able to pay your rent or put food on your table or even gas in your car to get to work.

Note: You can still make deposits into frozen bank accounts, but you may find that those funds are frozen, as well. For this reason, it is important to stop direct deposits into your account so you have access to newly earned income.

You Need an Experienced Debt Lawyer to Help When Your Bank Assets are Frozen in Cherry Hill, Marlton or Moorestown

At the Law Firm of Joel R. Spivack, we are passionate about helping clients in debt get on the road to a healthier financial life. When you bring your issues to us, we will talk about your options. Is debt negotiation your best bet? Would filing for bankruptcy protection make more sense for your family? What is the best way to solve your financial difficulties, free up your bank accounts and start rebuilding your credit?

The main reason to hire a skilled lawyer to represent you when your bank accounts are frozen is that you are already involved in a lawsuit. Your creditor sued for a judgment. They have lawyers on their side protecting their rights; you deserve the same.

Talk to Mr. Spivack About:

  1. Getting Your Bank Funds Released: A claim of exception can be filed petitioning the court to release your money due to hardship. Once an account is frozen in NJ, however, you only have 10 days to file such a request.
  2. The Creditor Acting Without a Judgment: Unless your debt is in regard to back taxes or child support, the creditor must go to court and obtain a judgment, or attachment, against you to freeze your funds. Mr. Spivack will hold a creditor accountable if they acted illegally or improperly.
  3. Setting Up a Payment Plan: Creditors aren’t unreasonable. They just want the money you owe them. A savvy debt negotiation lawyer like Mr. Spivack can talk with your creditors, possibly negotiating down the amount owed and setting up a plan you can live with to pay back the debt.

Contact an Experienced Bankruptcy Lawyer in Cherry Hill, NJ about Your Frozen Bank Accounts

Most people learn in embarrassing ways that their bank accounts were frozen. You try to pay for food at the grocery store with an ATM card that gets turned down, for example. It can be even worse if you’ve eaten a meal at a restaurant while believing you had a functional debit card in your wallet for payment. When you find out the card is useless because your funds are frozen, a bad situation quickly turns worse.

Joel R. Spivack, Esq. believes in debtors’ rights. He will work tirelessly to get your accounts unfrozen so you have access to your money. He will negotiate a plan with your creditors so you can pay back the money in a more comfortable, but timely, fashion. Contact him today for a consultation about your situation.

We are here to help you.

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We are licensed to practice in New Jersey and Pennsylvania.

Attorney Joel R. Spivack is an experienced bankruptcy and residential real estate transactions lawyer in Cherry Hill, New Jersey. Clients come to us for legal services, but what we really provide is peace of mind. For more than 30 years, Attorney Spivack has helped people make wise, informed decisions about bankruptcy filings, debt relief options and residential real estate transactions.
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