How do creditors determine where you bank to seize your account?

Asked about 2 years ago - Plano, TX

I have closed my accounts because I was told that the credit card company suing me will probably attack my accounts. Now I am trying to figure out how to conduct business without a checking account. Any suggestions on how to get a bank account? Could I use a EIN instead of my social security number along with a new business name?

Attorney answers (3)

  1. Patrick Begley

    Contributor Level 14

    Answered . It is unlikely that you will be able to get the kind of help you need on here because you are essentially asking us how to defraud your creditors. If there are judgments against you and your debts are adding up, now might be a good time to consult with a bankruptcy attorney.

    I wish you the best of luck.

    The information provided in this post is not "legal advice." Rather it is general information on common legal... more
  2. Mitchell Paul Goldstein

    Contributor Level 20

    Answered . Corporate accounts, if you have a corporation or an LLC and the corporate is not the debtor, can be used for corporate income and expenses. You own the shares, but the company is a separate entity.

    Personal accounts have to be registered with an SSN. The bank will not take an EIN because it is not a business account (even then, they will put someone's SSN on the account).

    You can try all cash and make it harder, but you cannot hide assets.

    Mr. Goldstein is a Virginia-licensed attorney only. The information is not, nor is it intended to be, legal advice.... more
  3. Jeffrey B. Lampert

    Pro

    Contributor Level 19

    Answered . There are legal and illegal ways to obtain bank account information. You have no way to know what the creditor will do.

    One way to conduct business--use of pre-paid cash cards, check cashing stores, using a bank that is local, or a bank outside of TX that you can scan checks into to make deposits.

    You can also obtain an EIN, as you mentioned.

    Or, have you considered making payment arrangements? Look at all the time and $ you will be spending and going through to avoid the creditor being able to garnish your accounts. Do you really want to live life looking over your shoulder all the time?

    Give it some thought.

    I hope you found this response to be of assistance. This response shall not be considered the rendering of... more

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