Hi. I’m Mike Greiner. I’m a bankruptcy attorney here with The Financial Law Group in Warren, Michigan. Our website is financiallawgroup.com and our phone number is 586-693-2000. And I’m here to talk to you today about seizures of assets by creditors. One thing that a lot of people don’t understand is that you, if you have a vehicle and a credit card company, for example, gets a judgment against you, that credit card company with that judgment would be entitled to come and grab things like your car, for example, or other assets that you may have. The most common kinds of assets that are seized, of course, are money. Things like bank accounts can be garnished or wages that can be garnished or a state tax return which can also be garnished. But again they can have a deputy sheriff show up at your house and actually seize the asset.
One thing I recommend to my clients to do, who have that happen to them is come in and file bankruptcy immediately. By filing Chapter 7 Bankruptcy if you file fast enough you can stop them from selling the asset and a lot of the time because of the fact that it’s considered a preferential payment we can often get that asset back. But again it has to be done before the asset is actually sold. Unfortunately, a lot of the time, once it’s sold you’re out of luck and the value of that these assets get sold for often are very, very low which can be very disappointing to people where they’ve just lost something like the vehicle that they were using to get to work.
Point being, if you have lost an asset as the result of a judgment against you I strongly advise you to come see me immediately. My phone number is 586-693-2000. Let them know that it’s an emergency and I’ll be happy to meet with you personally.