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     | Monday, January 03, 2000 - 07:29 am  I have a charge-off account that is over eight years old. A collection agency recently advised they will investigate and attempt to seize my assets (checking and savings) and potential income for garnishment. Can they do this?
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| | Monday, January 03, 2000 - 09:51 am It depends on the statute of limitations that apply in your state as well as if they have a judgement against you. Try this link to see what the statute of limitations is in your state.
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| | Monday, January 03, 2000 - 11:36 am Sean, Thanks for the link. Actually, the original creditor obtained a judgment against me back in 1991. Subsequently, the account was charged off. Since the original creditor has a judgment, can the collection agency act as an agent of the original creditor and attempt to seize my assets?
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| | Monday, January 03, 2000 - 02:40 pm What state do you live in? It depends on how long judgements last in your state. You should be aware that it's illegal for a creditor to threaten to take an action that they don't intend to take, so either a) They really do intend to do all that or b) They're breaking the law.
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| | Monday, January 03, 2000 - 04:47 pm Sean, I currently live in Michigan. If a judgment is still valid (unexpired), shouldn't it appear on credit reports (TU)? My recent credit report doesn't show the charge off account nor the judgment. What are your thoughts?
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| | Monday, January 03, 2000 - 04:51 pm Back to the original question of whether they can do this, it also depends on the source of the monies in those accounts. There are uniform federal exemptions that protect certain monies. Each state also has exemptions, but these are not uniform and vary from state to state. For example, in my state the head of household exemption usually protects all of the money in an account.
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| | Tuesday, January 04, 2000 - 12:44 pm Back to the question of whether the judgement can appear on your credit report, of course! However, the CRA must be notified of the judgement in order to report it, which might not have happened. It may appear on the other CRAs (TU is the least used, in my opinion). Can they garnish your wages or seize assets? I agree with voigtkampff: it depends on your state. A quick way to find out what exactly they can do is to call your state attorney general... the number I have is: Jennifer Granholm 517-373-1110.
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