Dear Harry: I have two judgments in my favor granted by a federal court. I paid a local firm (staffed by former FBI agents) to do complete asset searches for the two people involved. Unfortunately, neither search was a success. When I asked why they did not seek out bank accounts, I was told that there was no purpose to it because one cannot seize a bank account to satisfy a judgment. That goes for federal judgments as well as state judgments. If I recall correctly, some time ago, you mentioned in one of your columns that bank accounts were available for paying judgments. What is the score here, Harry? I hate to see these deadbeats get away without paying me the five-figure debts they owe.
Harry Gross: Can bank accounts be seized to satisfy judgments?
What Harry says: To make certain I was not off base here, I checked with my legal eagles who agreed with me. In general, bank accounts can be seized to satisfy judgments. There are exceptions. For example, a bank account that is used solely for Social Security deposits may not be taken. There can be problems with bank accounts that are used for multiple purposes including SS. At times, these are frozen even with the SS payments included. I suggest that you try to get information on bank accounts of your debtors, and go after them with the judgments in your hands.
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