Legal Question in Credit and Debt Law in New York

Yes and no. Funds in a joint bank account can be restrained but the bank should advise whoever restrains the account that the bank cannot release any funds because the bank can't determine which of the joint account holders actually owns the funds. While the law says that the joint account is owned equally 50/50, only the court can make the actual determination. SO, the funds can stay locked up until someone (usually the attorney for the creditor) commences a turnover proceeding in court OR a year passes and the funds should be UN-restrained. Also, the first $1700 or so in an account is exempt. If you have less than that ($3400 or so for joint accounts) the bank WON'T restrain the funds...Also SS disability is exempt from creditors actions but SOMEONE has to prove the funds in the joint account are 100% SS disability...usually the account owner has to commence an action in court to ask the court to determine whether all the funds are exempt...(the court clerk walks you through the process).