Legal Question in Credit and Debt Law in New Jersey
I recieved a notice from sheriff that my bank account has been levied and further action may be taken due to a judgement on a loan for 16,000. Can the credit grantor be forced to except a payment arraingment? What do I do? New Jersey
2 Answers from Attorneys
No, the creditor cannot be forced to accept any arrangement except in bankruptcy. If you do not file bankruptcy, you can negotiate with the creditor to make some arrangement that is acceptable to both sides. You should also know that some of your property is exempt from collection efforts, social security payments and qualified retirement funds, for example, plus a small amount of your personal property. Bankruptcy is another complicated discussion.
You really need to talk to a lawyer, and you do not have money to do that. You may be able to pull some of the money back out of the bank account, maybe, and you do get to keep $1000.00 if you file the right forms.
Call me if you would like an attorney to assist, 201-820-3460.
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