Parents Bank Account Seized?

My parents, awhile back, gave up their vehicle, to Ford Motor Company and now Ford has seized their bank account and ALL the money in it. This doesn't seem right. Should they/Are they allowed to take ALL the money from their bank account? We don't have money to even buy food, now.

Would bankrupsy solve this?

I don't want "you should pay your debt" answers...

3 Answers

  • 9 years ago
    Favorite Answer

    Would bankrupsy solve this? No, but...

    "Bankruptcy" would solve this and create many more problems for years into the future. At any rate, the answer you don't want to hear would have avoided the entire issue, including how you are going to eat. Going into bankruptcy assures you will have a future of sub-prime loan rates for years to come. This situation, unless resolved the way you don't want to hear about, will also lead to paying higher rates for credit. You are looking at paying 25% instead of 4%. Of course you could use payday loans at 316%. Bite the bullet and do the right thing, or not. All of this was a choice. Bad choices, bad results. This did not happen overnight and won't get better without some pain over time, no matter what you want to hear.

  • 9 years ago

    You need to seek legal advice straight away, it does not seem right they have taken the money and if you are a minor they can not take the food from your mouth.

  • 4 years ago

    If the account is a joint one, then the two companions go through while one runs up adequate debt that lenders grab the account. in case you ask somebody to alter into companions with you below those circumstances, and don't tell them the monetary bind which you're in, then you definitely ought to be sued via that guy or woman, besides as having your monetary business enterprise account frozen.. no longer a robust flow.

Still have questions? Get your answers by asking now.