Can a joint bank account by levied with a judgement in NJ?
If I have a judgement against me and I have a joint account with my husband and am the custodial parent on bank accounts, can they levy those accounts that are joint? I am giving the attorney my work information for a wage garnishment I just don’t want them to freeze the joint accounts. Does anyone know? Also what is the percent they can take from my paycheck?
Thanks!
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Yes it can be frozen % I do not know. They can go in and take monies from your bank and savings accounts to satisfy the judgment as well.
sure enough. the judgement can affect all your properties too, joint or singly held.
The answer is yes joint accounts can be frozen and the percentage is 10%. See link in source box.
The best thing to get off your name on your bank account with your husband. So it can be his name only on bank account, they cannot freeze your husband’s bank account. You can put your paycheck into your husband’s bank account so you have nothing to worry about it. Hope it helps!
If you have accounts in a child’s name with you as trustee (it will state “parent name as trustee for child name” or “parent name in trust for child name”), states usually prohibit attaching any account that is held in trust for another person. Every parent should have a separate trust account for each child from the time that child is born! This “judgment against a parent” problem is just one of many, many reasons why parents must always set up proper accounts for their children from the time the child is born!
As for the “joint account,” it depends how it is set up. If the account is “husband name OR wife name,” kiss that account good-bye.
Garnishment varies by state law and possibly the type of judgment. But generally, garnishment can take 25% of the gross pay. ie. out of $1000 check, they get $250, then you pay full taxes and wihholdings on the $1000, and you get what’s left. There may be an additional fee per paycheck for the costs involved in garnishment.