ALL >> Legal >> View Article
Know About The Concept Of Credit Setoff
When Can A Creditor Go Into Your Account And Take Your Money To Setoff The Amount You Owe Without Court Permission? What Is The Concept Of A Setoff?
Research Notes:
• YES- Money judgment: creditor has a right to take money out of your bank account to pay of the debt, or to satisfy the ‘judgment’
• Creditors can serve documents to the bank or credit union to freeze the account
• The creditor cannot take ALL of the money you own, however much you might owe
• Set off: a demand which a defendant makes against the plaintiff in the suit for the purpose of liquidating the whole or a part of his claim.
Article:
Unfortunately for debtors, a creditor has the right to take money out of their bank account to pay off the debt they owe. This processed is known as money judgment, where a creditor is justified in taking money from a debtor’s account to satisfy the ‘judgment’. Creditors can also serve documents to the bank or credit union to freeze the account so that debtors cannot access their accounts and place themselves further in debt. Fortunately for the debtors, the creditors ...
... cannot take all of the money that he/she owes, regardless of the amount that is owed.
A set off is a demand made by the defendant against the plaintiff in the suit for the purpose of liquidating the whole or a part of his claim. In short, debtors who wish to eliminate or decrease the amount of debt owed to a creditor often file a setoff. Mutual liquidated debts or damages may be setoff; unliquidated damages cannot be set off. A set off is not a dispute regarding the amount of debt owed to the creditor but rather a plea for a reduction.
The automatic stay should stop creditors from contacting you about your debts and punishes those who continue to harass you. Bankruptcy Can Allow You to STOP: foreclosure, wage garnishment, lawsuits, creditor harassment, and repossessions and it can ELIMINATE: credit card debt, medical bills, utility bills, deficiency judgments, personal loans, and junior liens.
Bankruptcy attorney Upland can offer you best legal services to satisfy your needs. To clear the doubts regarding your bankruptcy filing, you can make a free consultation with our bankruptcy lawyer Upland.
Add Comment
Legal Articles
1. The Benefits Of Hiring A Collective Bargaining Attorney In NycAuthor: indexblogger
2. Interview Waiver For Us Visa Renewal - Everything You Need To Know
Author: Hardik Shah
3. Dui Lawyer Dinwidde Va
Author: Dui Lawyer Dinwidde VA
4. The Evolution Of Content Marketing For Law Firms: Trends And Innovations
Author: jamewilliams
5. Top 5 Reasons To Hire A Labor Lawyer In New York City
Author: indexblogger
6. Bail Lawyer In Cyber Crime Case – Advocate Deepak: Your Trusted Legal Expert
Author: Advocate Deepak
7. Best Cheque Bounce Lawyer In Delhi
Author: SACHIN KASHYAP
8. How Solar Companies Are Reshaping The Investment Landscape
Author: precize
9. Budgeting For Your Uk Business Trip: Visa Fees And Expenses
Author: The SmartMove2UK
10. How To Choose The Best Ssd Attorney Near Me For Success
Author: ADVAN
11. Common Mistakes To Avoid When Applying For A Sponsor Licence
Author: Amir hsuen
12. Insurance Attorney In Dubai
Author: The Law Reporters
13. The Psychology Of Persuasion In Legal Marketing: Influencing Client Behavior And Decisions
Author: jamewilliams
14. Your Gateway To Uk Business: Guide To Uk Business Visas
Author: SmartMove2UK
15. Iim Bangalore, Iit Madras Release Joint Report On India’s Evolving Startup Incubation Landscape
Author: Dev kumar