Oklahoma Garnisments and Bankruptcy

Oklahoma Garnishments | Tulsa Bankruptcy Attorneys

Stop Garnishments Today.

For many debtors, the final straw before declaring bankruptcy is the filing of  Oklahoma garnishments. For most debtors, this takes the form of a wage garnishment. In the case of a wage garnishment, a creditor sends the order to your employer. The order directs the employer to withhold wages. Any wages withheld go directly to the creditor. However, other types of garnishments also exist.

Oklahoma Garnishments and Bank Accounts:

For some debtors, particularly those who are unemployed, or who may have significant assets in a checking or savings account, a judgment creditor may try to garnish a bank account. This process works in a similar fashion to a wage garnishment. First, the creditor must get a judgment in a lawsuit. The creditor must then find any bank accounts that the debtor has. This could be from their own internal information, or as simple as calling all the banks in the debtor’s local area until they find the right one. The creditor must then serve the bank or financial institution with a writ of execution and file it with the court. Once the bank receives the garnishment, it must determine if it is their customer, and if so, if that customer has any assets at the bank.

If the bank determines that the target of the Oklahoma garnishments (writ of execution) is one of their customers, and that person has assets, the bank must place a hold on those assets, and after a period of time, usually twenty one days, the bank then turns over those funds to the creditor. It is important to know that while a bankruptcy can halt an ongoing wage garnishment, a bank garnishment is a one time procedure. If a creditor successfully garnishes a debtor’s bank account there is no procedure (absent the creditor or bank failing to follow their own proper procedure) that can recover the money, even filing bankruptcy. A bankruptcy can prevent any future bank garnishments, but it cannot retrieve money already garnished.

Impact of Oklahoma Garnishments:

For many debtors, a wage garnishment is a devastating occurrence. Fortunately in a wage garnishment judgment creditor is only allowed to take 25% of disposable (post-tax) income. But a bank garnishment has no such limits. It can very well empty a debtor’s bank account to the last cent, wiping out hard earned savings.

If you think you’ve have been sued by a creditor and they’ve been awarded a judgement we can help. In this situation you should consult a bankruptcy lawyer. A timely bankruptcy filing can protect your assets and your financial future. But once a judgment is rendered, time is of the essence.

Contact a Tulsa Bankruptcy Lawyer about your Oklahoma Garnishments:

If you are facing Oklahoma garnishments a bankruptcy may help you stop this type of collection effort. The bankruptcy lawyers at South Tulsa bankruptcy lawyers offer their clients a free consultation about Oklahoma Garnishments.

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