Posts by mistylynx55

redcrane22 said:If there's an active garnishment or levy in progress, there's really no chance you'll get to that money in the foreign currency account. It's kind of like how if your main checking account is frozen by a creditor, they can usually reach into your other accounts too. Once the freeze is in place, it covers the bases.

Thanks for the reply, though I think my question might have been a bit misunderstood...
Here’s the situation: the individual doesn't actually have a foreign currency account yet, but they plan to open one and deposit some cash into it. Now, since the money has to sit in the account for at least 24 hours before it can be withdrawn, I'm wondering if anyone knows if a creditor could swoop in during that window—specifically those 24 hours—and grab it? In other words, will the foreign currency account get automatically frozen as well? Currently, all the standard checking accounts are already blocked.

Thanks

Hi everyone! I’d really appreciate some insight if anyone here has dealt with this before...
Here’s the situation:
I know someone who is currently buried under a mountain of debt—everything from bank loans and unpaid cell phone bills to local municipal fines. They aren't working at the moment, so the debts are just piling up. They need to deposit some cash into a foreign currency account, and according to what I understand, those funds have to sit there for at least 24 hours. My big question is: what are the actual odds that one of these creditors will swoop in and freeze that specific account? Has anyone actually gone through this or seen it happen? Thanks in advance!