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GettingBackOnTrack wrote:Ok. I have a charged off cap one card- they have not sold it to CA. I think (and I DO MEAN THINK, Im very confused about SOL) that the SOL on this account is expired since the DOLD was in 06/2004. Heres the thing. I have about 1000 dollars in a money market account and an auto loan with cap one and I got them way after they charged off this card. SO, do i have to worry about them taking the money in my money market account if I try to PFD this account? Sorry if I sound stupid but I need your help.
Wonderin wrote:
Before a creditor/CA can reach into your accounts, they MUST have obtained a judgment against you in a court of law (this does not apply to Student Loans, as the government has given them more power in collecting).
Even IF a creditor/CA has obtained a judgment against you, it's not as easy as it sounds to simply levy accounts. In most states, that requires an additional hearing with a judge.
Even then, since Money Markets fall under investments (rather than "liquid assets" such as your home, car, checking account, etc), I don't think they can touch those. I could be wrong, but I've never heard of such instruments being levied for debts.