If one doesn't do anything

[sivmtrohs]

if one stops paying monthly payment, doesn't even file for BK, just doesn't do anything, could the creditors (unsecured credit card companies) seize the checking/savings account and stock brokerage account?

In general, in what circumstances are the bank accounts seized by the creditors?

[bkfiler]

yes they can. first they have to sue you. then they can get a judgement against you. then they find your accounts and sieze them to collect.

they do it if its worth their while. that means different things to different creditors.

[StaciMM]

Bkfiler is right-they can, but they have to take certain steps first. They should send you notices of legal action before it happens, but if you have moved or ignore the things that come in the mail (most everyone here has been there, done that!) then you could miss it.

For that reason-it would be a good idea to check your credit reports at least once per month, if you think a judgement is possible to happen.

[Genenco]

if one stops paying monthly payment, doesn't even file for BK, just doesn't do anything, could the creditors (unsecured credit card companies) seize the checking/savings account and stock brokerage account??

Well, first, they'll start with phone calls..Maybe some letters, but lots and lots of phone calls (Oh, I should mention I am doing this right now) So far it is only calls, maybe one collection letter, which I never answered, but for some reason, the bill went back to the OC. (Original Creditor) And a vehicle repo..But they are selling it on a sales lot and so I wait..

But, the time will come when they may want your $$$ and to do that, requires court action. (Note: This will depend heavily on the amount of the debt..The less it is, the less they will try or use methods of a much harsher (Courts, garnishments) method.

So they go to court and request a "Summons" be sent (For the court date) If the amount is in dispute, best to have a lawyer and proof...If not..best thing is to protect assets...

Once they do win, then they can seize accounts..You name it, they'll go after it..Especially your paycheck.(Note: There are states Garnishment of paychecks are not allowed. Each state has their own restrictions on garnishment of wages and only an attorney from your state can give you correct answers) Usually a max of 25% is permitted...

There are four exceptions to the 25 percent rule:

Child support or alimony orders;

Orders of any court of the United States having jurisdiction over cases under chapter 13 of title 11;

Any debt due for any State or Federal tax; and

Defaulted student loans.

In general, in what circumstances are the bank accounts seized by the creditors?

Non-payment of debts...