Author Topic: Safety Deposit Box  (Read 4576 times)

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daffydatsun

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Safety Deposit Box
« on: May 12, 2010 09:00:45 PM »
I recently found out I have a judgment filed against me.  The creditor won the case because I did not appear in court “default Judgment”.  Is there anything I can do?  This happened in 2006.

Can the money inside my safety deposit box be seized?  Also, I have a car that is paid for can they take that too?  I live in Texas.  I know they cannot garnish my wages.

What should I do?

I am attempting to make myself Judgment Proof.

Admin6572

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Re: Safety Deposit Box
« Reply #1 on: May 13, 2010 02:05:48 PM »
-Bump-

cbarnett97

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Re: Safety Deposit Box
« Reply #2 on: May 13, 2010 07:24:18 PM »
I recently found out I have a judgment filed against me.  The creditor won the case because I did not appear in court “default Judgment”.  Is there anything I can do?  This happened in 2006.

Can the money inside my safety deposit box be seized?  Also, I have a car that is paid for can they take that too?  I live in Texas.  I know they cannot garnish my wages.

What should I do?

I am attempting to make myself Judgment Proof.
I do not the exact legal answer, but if I was asked what was in my safte deposit box I would just answer "papers"

Flyingifr

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Re: Safety Deposit Box
« Reply #3 on: May 13, 2010 08:30:24 PM »
They can have the safe deposit box opened if they can find it. If they ask what's in it, I would just say "fish".

I believe they can sieze the car, if they know you have it, if they know it's free and clear and if they can find it. Read "Scaring Away the Reposesor" in the Flyingifr Method.
BTW-the Flyingifr Method does work. (quoted from Hannah on Infinite Credit, September 19, 2006)

I think of a telephone as a Debt Collector's crowbar. With such a device it is possible to pry one's mouth open wide enough to allow the insertion of a foot or two.

Morality of Debt? No one ever went to the Nether Regions for not paying a debt.

Founder of the Credit Terrorist Training Camp (Debtorboards)

Doctor Evil

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Re: Safety Deposit Box
« Reply #4 on: May 14, 2010 03:29:35 PM »
They can have the safe deposit box opened if they can find it. If they ask what's in it, I would just say "fish".

I believe they can sieze the car, if they know you have it, if they know it's free and clear and if they can find it. Read "Scaring Away the Reposesor" in the Flyingifr Method.

Fish as in you will be fishing for a contempt citation.  Likely you will be asked about this in an information subpoena and have to swear to the accuracy of your answers.


flyinbroke

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Re: Safety Deposit Box
« Reply #5 on: May 14, 2010 04:32:17 PM »
Yes, they can seize the money of your safe deposit box if they find it. Wages are exempt until paid to you, then they are fair game. However, if the money is placed in a retirement plan it is exempt. (Doc is right...get caught lying and you are in a world of hurt.)

No, if the car is your only car, they cannot. Texas exempts one vehicle per licensed driver in a household.

Texas exemptions:
http://www.13network.com/hupdocs/HUPexemptproperty05.pdf

Flyingifr

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Re: Safety Deposit Box
« Reply #6 on: May 14, 2010 04:50:07 PM »
IF you are served with an information subpoena then you must answer truthfully. That, of course, does not stop you from cleaning out the box before answering. Just to prove what is there (once again, IF you get an IS) you can always take a picture of it and send the pic back with the IS.

Remember this - few attorneys use IS's.
BTW-the Flyingifr Method does work. (quoted from Hannah on Infinite Credit, September 19, 2006)

I think of a telephone as a Debt Collector's crowbar. With such a device it is possible to pry one's mouth open wide enough to allow the insertion of a foot or two.

Morality of Debt? No one ever went to the Nether Regions for not paying a debt.

Founder of the Credit Terrorist Training Camp (Debtorboards)

Doctor Evil

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Re: Safety Deposit Box
« Reply #7 on: May 14, 2010 06:05:10 PM »
IF you are served with an information subpoena then you must answer truthfully. That, of course, does not stop you from cleaning out the box before answering. Just to prove what is there (once again, IF you get an IS) you can always take a picture of it and send the pic back with the IS.

Remember this - few attorneys use IS's.

While flying is technically right in that few attorneys use IS's, what he neglected to mention is that what would happen is that the judgment creditor likely will serve every bank in your town with a restraining notice.  Then, you get to carry your fish and your camera to the bank and open the box in front of a sheriff's deputy, upon which he will take the cash and any other items with monetary value.  Then you get to go home, taking your fish with you, have a nice fish dinner with your wife, perhaps taking some pictures of it, lamenting the fact that you were waiting for some type of heads up.

Don't keep cash in a safe-deposit box.

flyinbroke

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Re: Safety Deposit Box
« Reply #8 on: May 14, 2010 06:12:18 PM »
Doc, cash is fair game but other things may fall under Texas exemptions.

Agree with all...if the cash is not in there, whether placed in an exempt account or magically disappeared, no one can find it.  ;)

Flyingifr

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Re: Safety Deposit Box
« Reply #9 on: May 14, 2010 08:18:54 PM »
Another (better) reason not to keep cash in a safe deposit box - should you die the box will be sealed by law and cannot be opened until an IRS officer is there. Any cash will be presumed to be untaxed income and the only person who can prove that wrong won't be in a position to say anything.
BTW-the Flyingifr Method does work. (quoted from Hannah on Infinite Credit, September 19, 2006)

I think of a telephone as a Debt Collector's crowbar. With such a device it is possible to pry one's mouth open wide enough to allow the insertion of a foot or two.

Morality of Debt? No one ever went to the Nether Regions for not paying a debt.

Founder of the Credit Terrorist Training Camp (Debtorboards)

cbarnett97

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Re: Safety Deposit Box
« Reply #10 on: May 14, 2010 08:30:41 PM »
When it comes to cash sometimes a mattress or coffee can buried in the back yard are just as good as a safety deposit box. I had a friend who kept like $50K buried in his yard(dont ask me why because I dont know) and when he buried it he made it look like they were having a funeral for a pet just in case someone saw and was curious what they were burying

itsmeagain

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Re: Safety Deposit Box
« Reply #11 on: May 14, 2010 09:48:16 PM »
US Currency will decay rapidly in the earth, dependant on the soil and moisture content.

cbarnett97

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Re: Safety Deposit Box
« Reply #12 on: May 15, 2010 06:02:41 AM »
US Currency will decay rapidly in the earth, dependant on the soil and moisture content.
It was wrapped in plastic and put in another container

jacnyr

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Re: Safety Deposit Box
« Reply #13 on: May 16, 2010 05:26:43 PM »
I would get a family member or friend to sign a loan of 1+ dollars and have the car as collateral, just to be on the safe side.