馃攳
How to Deal With Frozen Bank Accounts - YouTube
Channel: SadeLegal Law Firm
[16]
Hi! It's Sade. Welcome to our Freebie Friday video.
[20]
Today we're talking about bank
[21]
accounts and...imagine for instance waking
[25]
up one day trying to do a transaction
[27]
and finding out that your bank accounts
[30]
have been frozen. Most people go into
[33]
panic mode. So the question today is "What
[36]
do I do if I find out that my bank
[38]
accounts have been frozen? There are
[41]
a few things that you can do to be
[42]
proactive and try to resolve the
[46]
situation and release your bank accounts
[49]
as quickly as possible. The first thing
[51]
to do is to contact your bank right away.
[53]
Contact your bank and find out as much
[55]
information as you can on the
[57]
garnishment, on the freeze on your
[60]
account. Who's the creditor and how much
[62]
are they claiming that you owe and
[64]
things like that. Once you do the
[66]
verbal conversation over the phone with
[69]
with the bank or if you go in person, they
[72]
would usually give you a printout of
[76]
what's going on. A lot of banks would not
[78]
want to email it or fax it but they
[80]
would print it for you if you go
[81]
physically or they'll put it in the mail.
[83]
They're required to do that, to notify
[85]
you of what's going on. The second
[88]
thing you want to do is to contact your
[89]
employer right away to say "Please don't
[91]
do my direct deposit into my accounts
[94]
any more, until I tell you to do so."
[96]
So, you would want to redirect your payments -
[99]
your wages and compensation directly to
[102]
your house or some other source. The
[105]
third thing you want to do is to contact
[107]
all vendors or billing companies that
[109]
usually take money out of your
[110]
bank accounts monthly, and tell them to
[113]
not do it for the next couple of months
[115]
at least, until you resolve this
[117]
situation. The fourth thing you
[119]
want to do is to try to get a copy of
[122]
all your bank statements going back as
[124]
far as six months. And you want to trace
[126]
the money that's currently in the
[128]
account to the source. For instance is
[131]
the money that's sitting in your
[132]
account coming from just your
[134]
compensation for work done? Is it coming
[136]
from child support payments? Is it coming
[139]
from insurance payouts? Is it coming from
[141]
a sale of a home, a car, a boat? Where did
[144]
the money come from that's sitting in
[146]
the account?
[147]
Make sure you try to trace everything
[150]
back, put everything together in an
[152]
organized manner in a word document or
[154]
spreadsheet , and also figure out which
[157]
accounts have somebody else on there
[159]
with you, and whether the other party
[161]
deposited money into the account as well.
[162]
That could be your spouse, it could be
[164]
your children, or relatives. The last thing
[168]
you want to do once you've done all that
[169]
is to contact a lawyer who knows how to
[171]
do this kind of collection defense and
[173]
ask them for the next best move.
[176]
The lawyer will verify if the judgment is
[178]
valid and the amount is correct, and then
[182]
the lawyer will figure out whether
[184]
you want to enter into a settlement
[185]
agreement with the creditor so that this
[188]
is done and over with, and your accounts
[190]
can be released, you can go on with your life.
[192]
Usually the creditors are not as
[194]
incentivized because now they have money
[197]
potentially in their hands. So your lawyer
[199]
would figure out all of that and whether
[202]
you have objections or exemptions that
[204]
you can claim, and then go from there.
[206]
So, that's the best way to do it but we'll
[208]
have to advise of course to always try
[211]
to handle valid judgments way ahead of
[214]
time because these types of situation can
[218]
be avoided, and because the judgment just
[220]
keeps increasing because of the interest
[222]
rate that's on it. So try to settle
[225]
things sooner than later so that this
[227]
kind of situation doesn't happen too
[229]
often. And that's our suggestion for how
[232]
to go about handling bank accounts that
[235]
are frozen. And if you have any specific
[237]
questions about your situation make sure
[239]
to talk to a lawyer and they will be
[241]
able to guide you. So, thank you as
[243]
always for watching our videos and we
[246]
hope this has been helpful. We'll talk to
[248]
you next time, and until then, have a
[251]
happy Friday.
[258]
you
Most Recent Videos:
You can go back to the homepage right here: Homepage