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Your joint account may be garnished for that debt even if you did not owe that debt. Your account may be garnished whether or not you own it separately from your spouse. Creditors may not be able to garnish your account at all.
If the court finds in the creditor's favor, a judgment is then entered and the creditor has the right to seek a levy on assets and to garnish wages. The first place a judgment creditor will look to recover from will be bank accounts. And yes, they can levy a joint bank account.
A case for false or bogus check must be started within 5 years. A case for fraud or workers' compensation fraud must be started within 3 years of the date the crime is discovered. This time limit cannot be longer than 7 years after the crime was committed.
Some sources of income are considered protected in account garnishment, including: Social Security, and other government benefits or payments. Funds received for child support or alimony (spousal support) Workers' compensation payments.
Account owners should be aware that adding joint owners may subject account funds to garnishment or other collection attempts by the creditors of another joint owner. A joint owner may fight a collection attempt, because Oklahoma courts have ruled that the ?creditor cannot reach any farther than the debtor could.
Banks allow you to designate someone to be a ?signor? on your account. That means that this person can write checks and make withdrawals from your bank account while you are living ? without the need of having a signed Power of Attorney for Property Document.
The depositor maintains the account and owns the funds on deposit. These accounts are simply titled in the owner's name, such as ?John Smith.?
If you and your spouse have a joint bank account, any nonexempt money can generally be frozen in a collection action against your spouse, even if your spouse incurred the debt independently or without your knowledge.