The following article was written by Theodore Sliwinski, Esq. and can can be found on New-Jersey-Lawyers.com
Are you worried that someone who has a judgment against you will go after your bank account? Many of my clients are petrified and live in constant fear that their hard earned savings will be zapped by a creditor if they leave it in their bank account. However, there are strict rules that must be followed for anyone trying to seize a bank account. Moreover, many distressed debtors have numerous asset protection strategies that they can use to protect their last remaining dollars.
To begin with, any debt collector(s) must have a court judgment against you before he or she can get at your bank account. In a perfect world, the best course of action is to try to negotiate a reasonable payment plan instead of letting someone obtain a judgment against you. However, if you do end up with a court judgment against you, then you consider moving funds from your bank account.
Another move might be to open up a bank account in another state. It is important to emphasize that the out of state bank must not have any branches in New Jersey. A New Jersey writ of execution or a bank levy is only valid only in the Garden State and not in New York or Pennsylvania. However, if you decide to keep your accounts in an out of state bank, then this bank must not have any branches in New Jersey. If an out of state bank does have branches in New Jersey, then this type of asset protection planning will not work……click here to finish this article
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