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dudeindebt1990 OP t1_iy86hpo wrote

Reply to comment by newbeginingshey in Debt collection - how long after judgment before bank is garnished? by dudeindebt1990

Yeah I have a lawyer who is representing me so I haven't been in contact with the plaintiff/creditor.
So they could take everything? There's no limit/percentage to how much they could tank from bank? This is in TX as well

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newbeginingshey t1_iy8f1ip wrote

I don’t know the TX specifics. Your lawyer could give you those, but having worked in this space myself, there is a % cap on wage garnishments, but not a cap on bank balances. Obviously a lien on any tangible property won’t be capped - it will just be the full remaining balance.

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dudeindebt1990 OP t1_iy8saxj wrote

That's awful. So they could literally make me get evicted by taking all my funds so I couldn't pay rent?

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newbeginingshey t1_iy8wx0k wrote

The situation you describe is why there’s a cap on wage garnishments (I don’t recall the exact amount but I think it’s close to 20%). They can’t take 100% of your paycheck. That could make you homeless, or inadvertently punish any kids you might have etc.

Bank balances though don’t have a cap. Nor does a lien and once there’s a lien on the home, a sale can be forced to collect, so yes you needing to move can be a downstream outcome.

Not to sound like a broken record but all of this is why a voluntary payment is better. Name the amount you can pay each month without becoming homeless.

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dudeindebt1990 OP t1_iy99w6l wrote

Yeah that's crazy. I guess it doesn't make sense to have a cap on wage garnishment if there's no cap on how much they can take from bank. Wages go into a bank as soon as their paid lol. It's silly that a state would not allow wage garnishment but would allow bank garnishment. I'd prefer to have a wage garnishment since there's a cap there, rather than all of my money be depleted.

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