It is often said that getting a judgment is the easiest part of the process; finding assets and actually collecting on the judgment can be far more difficult, as a New Jersey collections law firm can explain.
A creditor must have specific information regarding the debtor’s bank account to levy any funds that are in the account. First of all, they must know the bank and the account number of the debtor. If the account is not titled in the debtor’s name only or in the name of the debtor and the debtor’s spouse, there may be some difficulty in seizing the funds. Additionally, as a New Jersey collections lawyer reports, certain types of funds are exempt from seizure, such as:
• Unemployment benefits
• Veteran’s benefits
• Public assistance funds
• Most pension benefits
If the debtor has a regular income, a wage garnishment may be possible, but there are limitations placed on the amount available for seizure both under federal law and New Jersey law. A New Jersey collections law firm explains:
A judgment lien on a debtor’s property will remain attached to the property for 20 years, but a number of factors will affect a creditor’s ability to collect, such as:
• Other liens that may be in place on the property
For any questions regarding your rights or ability to collect on a judgment, call Snellings Law LLC at 973.265.6100.