What Happens if I Have No Income & There's a Writ of Garnishment on My Bank Account?

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If there's a writ of garnishment on your bank account and you have no income, a few particular thing is going to happen next. Find out what happens if there's a writ of garnishment on your bank account but you have no income with help from an accounting professional in this free video clip.

Part of the Video Series: Accounting & Finance
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Video Transcript

Hi, I'm Lori Greer from Atlanta, Georgia, and I'm here to discuss what happens if I have no income and there's a writ of garnishment on my bank account. First of all, a garnishment is a court order allowing someone to collect a debt by putting a claim on money owed to the debtor that is in possession of a third person. The most common are claims on wages owed to the debtor or money held in a bank account. In the situation where a writ of garnishment has been placed on a bank account and there's not enough money there to cover the amount determined in the garnishment, the garnishment will basically sit there and a flag will be placed on the account. The bank then is required to notify whoever placed the garnishment that funds have been placed in the account. I'm Lori Greer from Atlanta, Georgia, and that's what happens if I have no income and there's a writ of garnishment on my bank account.

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