Legal Question in Banking Law in Colorado

Bank Levy

Hi,

My husband was taken to court last winter for an old credit card debt from when he was 19. He agreed to pay $80.00 a month until the dept was Paid. Because of unseen fincial problems we defaulted on paying 2 payments in a row. Now the collection agency has done a bank levy for the amount of $1700.00. There was only $998.46 in the account. Obviously not enough to cover the levy. We now have two problems on our hands. One is our rent check is going to bounce and we have no more money until the end of the month. The other problem is we are still not out debt with this collection company. My questions are the following:

1. How can this be legal if it means we are out of a home, unable to pay bills and feed ourselves?

2. Will the collection company keep levying our account until they get all the money?

Please help as we make too much money to qualify for legal aid and not enough to get a lawyer.

Thanks


Asked on 10/06/05, 1:11 pm

1 Answer from Attorneys
David Anderson Anderson Business Law LLC

Re: Bank Levy

1}I would have to see the agreement , but it sounds like since he defaulted on it, they were given the right to levy. Did he do a COnfession of Judgement?

2) I would need to see the agreement to advise you, but are you totally unable to borrow from a bank, credit card, friends or family?

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Answered on 10/06/05, 2:04 pm


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