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Can Creditors and My Ex-Wife Seize My Debt Settlement Escrow Account? – Gary

“Dear Steve,

I owe $200,000 in unsecured credit card debt. My mortgage is 40% underwater (interest only nothing down), I am 66 and have Social Security and a small pension ($1,800 per mo.) I am working on starting a small business for which i have accumulated considerable additional debt. I do believe it will work and i will make a final comeback. it’s a business ive been in for forty years and in which am a nationally known expert.

I am working with a debt settlement company

I opened a dedicated account (Oklahoma) with the debt settlement company for the purpose of accumulating funds and having them negotiate a settlement.

My question is; how protected is this account. Can my creditors get a judgement and sieze it? can my x-wife, whom i have been unable to pay alamony to get to it? if so, why bother? i am trying to avoid bankruptcy.

Thank you!

Gary”

Dear Gary,

I can’t see any reason it could not be attached. It’s just a bank account and an asset.

I’d suggest you first read How to Get Out of Debt. The Honest and Unvarnished Truth and The Truth About The Success Rates, Failure Rates and Completion Rates of Credit Counseling, Debt Settlement, and Bankruptcy. They will give you a great overview of what we need to deal with to get you moving in the right direction.

Then use the free How to Get Out of Debt Calculator to review your options.

Once you’ve identified a company you want to work with, then follow my step-by-step guide on how to check out a debt relief company.

Please post your responses and follow-up messages to me on this in the comments section below.

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About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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