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'Return Date' On A Bank Levy

If a creditor receives a judgment against you for breach of contract for non-payment on a debt, the court will normally allow the creditor to do three different things in order to collect on the money owed. The creditor may execute a garnishment of your wages, it may place a lien against your property (like a house), or it may levy your bank account. This last option is commonly referred to as a ‘bank freeze,’ because once it occurs, you are unable to gain access to the money held within the account.

A St. Louis Bankruptcy Attorney Can Stop a Bank Levy

Once the Writ of Levy is sent to your bank, it is supposed take all monies out of your account (except for protected funds, like Social Security) and hold it for a period of time before sending it to the creditor. This holding period before the money is transferred is typically twenty (20) to thirty (30) days. If no action is taken by then, the bank is under a court-ordered obligation to transfer the money. If a Missouri or Illinois bankruptcy is filed before this period of time, then the bank has to return the money safely back into your account (hence the name ‘return date’). But once the money is transferred to the creditor, the chances of getting it back are very slim.

The affordable St. Louis bankruptcy lawyers at The Bankruptcy Company have been providing expert bankruptcy legal services to our clients for years. We specialize in unfreezing bank accounts, making sure that you get your money back, and put on the road towards financial freedom. Whether it is a St. Louis Chapter 7 bankruptcy or a St. Louis Chapter 13 bankruptcy, that road begins with a fresh start / clean slate that comes from filing for bankruptcy protection.


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