Legal Question in Credit and Debt Law in New York

Re: bankaccount

I suggest you at least meet with an attorney so that attorney can get all of the facts from you. If you live in NJ, you can consult with a NJ attorney. If this matter is in NY, then you will need a NY attorney.

Re: bankaccount

From the facts you describe, there has been a judgment entered against your daughter and a levy has been made against what appears to be a joint account. If that is the case, the account is not frozen; the bank has set aside the amount of the judgment only. You should have received a notice that you can move in court to oppose the turnover of funds if you have a good reason. You do. The money is not your daughter's.

Whether or not you need a lawyer to help is your decision. The amount is not large but, if you do not successfully oppose the turnover, the creditor will get the money leaving you to get it back from your daughter.

See also: http://info.corbettlaw.net/lawguru.htm

Re: bankaccount

This will require a court order after a hearing in order to establish that the account is merely an accommodation and nothing more.

Good Luck

RRG

Re: bankaccount

How about a lay person explanation? Under the law, the funds deposited into a joint account are assumed to be owned by both account holders equally. The credit card company can't take all the money since at least half of it is yours (without having to show any proof). The credit card company lawyers have to start a proceeding (called a turnover proceeding) to have a Judge determine how much of the money actually belongs to your daughter. If they start such a proceeding and no one (you or your daughter) shows up, the Judge will assume half of the money belongs to your daughter and that's how much the bank will get. Since the proceeding costs money, and time, the attorneys for the credit card company will NOT be in a rush to get $500 (of which they only get a percentage as a fee). However, they can simply do nothing and the funds will stay tied up by the bank for ONE YEAR. If you can't wait, you can make a deal with the attorneys...the MOST they can get if you do nothing is HALF. If you do go to court when and if they start the proceeding I mentioned above (called a turnover proceeding), you can bring proof to show that ALL the funds in the account are yours and the credit card company will get NOTHING. You should not be afraid to tell this to the attorneys who represent the credit card company and that you are not afraid to WAIT until the proceeding is filed...OR wait for a year until the funds have to be let go by the bank...maybe the attorneys will agree to a lesser amount in settlement and release the balance of the account back to you...ANY SETTLEMENT AGREEMENT must be in writing and state that when they release the account the matter is OVER and they cannot go against your daughter for the balance...good luck.