The judgement against me was for $1280 but chase is holding double that amount from my account. When I asked them why they told me Illinois law requires them to do this. Is this true? And if not, is there anything I can do to get them to adjust the hold to only the final judgement amount?
It is entirely proper for a bank to cold up to twice the amount of a judgment. Once the actual amount is turned over to the plaintiff, all of the remaining funds will be released. Keep in mind that there may be court costs, statutory interest, and possibly even attorneys fees added to the underlying judgment.
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Illinois law requires double the amount of the judgment to be withheld. However, you can claim $4,000 as exempt under the "wildcard" exemption, 735 ILCS 5/12-1001. You can go in on a motion to exempt $4,000, or file an exemption and appear on the return date of the citation or garnishment.
As said you can file a motion to exert your personal property exemptions. Also, review all your debts. If you have little in the way of debts after you exert your exemption seek a repayment plan. While judges can order such they strongly encourage such.
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