Either you had maintained banking information or your bank was able to provide copies of debtor’s past payments to identify debtor’s bank account. Your commercial debt collection attorney issued an information subpoena with restraining notice on the bank. The delinquent customer’s (now judgment debtor) debtor bank account is active and there is money in the account. Why then won’t the bank restrain the full balance on deposit to satisfy the judgment owed to you?
What was designed to protect consumers has effectively become a loophole in the commercial debt collection world. The Exempt Income Protection Act failed to exclude balances on deposit in commercial accounts. Because of the Act, commercial debtors are able to shield some monies from judgment creditors. Banks are applying the same protection afforded to consumers to commercial debt collection claims.
The Act provides in part, a partial exclusion of monies on deposit. Commercial judgment debtors are able to shield monies on deposit from creditors, at this time up to $2850.00. Assuming the monies are not otherwise pledged, only balances in excess of $2850.00 are available to satisfy a judgment.
If you are owed monies and have questions about debt collection in New York, Please contact email@example.com.