Legal Question in Credit and Debt Law in New York

does poverty impact creditor's ability to take or freeze assets

I was under the impression that a creditor can take only assets that are over a certain amount. At one time I remember thinking it was anything over $30,000.

Is there anything to this, or am I completely mistaken?

And, if it is true, then would that prevent freezing of any bank accounts if total assets are under the limit?

If it makes any difference, this question applies to both NY (where I've lived) and Texas (where I live now).


Asked on 2/05/08, 6:00 pm

1 Answer from Attorneys
Guy Lewit Guy Mitchell Lewit, Esq.

Re: does poverty impact creditor's ability to take or freeze assets

i can only answer as to ny law...you are completely wrong. if there is a judgment they can take ONE CENT if they want to even if that is your last cent.

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Answered on 2/05/08, 9:15 pm


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