Can A Collection Agency Levy A Minors Savings Account..
Can a collection agency levy a minors savings account because the parent's name is on it? I have 2 kids and 2 savings account for them, but because they are minors my name is also on the account as a custodian. If there was a debt collector after me can they take the money from these accounts?
Reply from DebtCollectionAnswers.com: We are not attorneys so we cannot give you specific advice with regard to your children's accounts. We can tell you that in most cases creditors must get a judgment against you before they can go after your assets. Has the creditor or collector already obtained a judgment?
If so, then it would be a good idea for you to work something out with them before they start trying to go after your bank accounts or other property you own.
You may be able to work out a payment plan with them or settle the debt for less than the full balance.
Since you don't have a clear idea of what they can and cannot do to collect from you, it would be a good idea for you to talk with a consumer law attorney who can explain what property is exempt (safe from creditors) and what may be at risk. These are the types of questions a bankruptcy attorney can answer, and your first consultation is typically free.