Your bank account has been seized by a creditor who has a judgment against you. Can you stop him and get the money back?

Well, the answer to that question is probably yes. You can file a bankruptcy, either Chapter 7 or Chapter 13, and stay that creditor from seizing the asset, which is called a confession of the asset in Maryland, and applying it to pay down the money that you owe them on the judgment. To do that you have to file bankruptcy before they finalize their rights to collect the money, and then you have to demand that the money be repaid to you, because when the account is ceased that creates a lien in favor of the judgment creditor, and that lien is a property interest that can be set aside in bankruptcy as a preference. Most times the creditor will voluntarily let go of that money and you’ll be able to keep it, but of course you can only keep it if it’s within the exemptions you’re allowed to maintain, but you can only keep it if it’s within the exempt property that you are allowed to retain under the applicable law, either the state law or if your state permits it under federal bankruptcy law.


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