Hello and welcome back dear loyal friends of Financial Empires, even today we find ourselves here more and more numerous and this fills us with joy. In our daily article we will talk about non-reportable current accounts.
We will analyze what you need to know, all the characteristics, the peculiarities and which are the current accounts that cannot be foreclosed. Because we all know that the safety of our savings is paramount.
What is foreclosure?
Meanwhile, let’s begin to understand what the current account foreclosure means.
In practice, this is an execution by third parties, a type of expropriation that refers to movable property owned by third parties.
In this case, we are talking about sums of money deposited in the bank.
The foreclosure procedure is used to put in place a forced execution of the credit due, the specific discipline of which provides for different ways in which the creditor can request his own money.
For this reason it is possible that the creditor relies on both the real estate foreclosure and the securities.
Bank account foreclosure
The attachment of the current account is nothing more than a peculiar form of personal attachment with third parties who are debtors.
This type of action has several consequences and effects.
First of all, it is that it has as its purpose the blocking of the current account, making the subsequent operations of the one who has the debt towards the creditor relatively ineffective.
Therefore it means that any deed put in place will not be enforceable by the debtor.
Third party attachment procedure
Since this procedure inevitably has the collaboration of the Bank which will be called upon to transfer the figures, for this reason the foreclosure involves further steps, for example, the declaration of the third party.
With this operation, the judge integrates the cross-examination and arranges for the transfer of the amount due; and in this case, the Bank’s declaration will have as subject the sums present in the account, even if the balance must be positive.
Therefore, the bank will check the balance in advance, and if it is negative it will declare that it is not a debtor.
When is a current account not seizable?
Let’s start by saying that the law imposes limits on the foreclosure of the current account, if the latter is used to pay the salary or pension.
In this case, the rule provides that the account can be seized only in part.
In fact, for a worker the forced blocking of deposited money can only be possible if the money in the current account exceeds three times the amount of the social allowance.
If, on the other hand, the money is credited after the notification of foreclosure, only the fifth can be blocked.
On the contrary, if we are talking about self-employed workers, the foreclosure of the entire sum deposited is envisaged, with immediate effect.
However, it should be remembered that the foreclosure of an employee’s account is much more risky than that requested by the creditor on behalf of a professional.
Current accounts that cannot be distrained
It should be noted that it is not possible to request a seizure of savings in bank deposits.
Among other things, there is a type of cases whose income is unclear, for example:
- Accompanying checks for the disabled
- Life insurance annuities
- And finally, the disability pensions
The foreclosure of the current account, obviously of those who have a debt, is a process that does not appear suddenly.
But it is the consequence of a very specific judicial process and in which the creditor has not been able to recover the money due to him.
What happens after the foreclosure of the current account?
The first thing to take into consideration is that it will no longer be possible to withdraw the money that has been deposited.
As by law, workers and pensioners who undergo this provision must in any case be protected.
In the case of a joint current account, on the other hand, the attachment can only affect 50% of the capital present within it, regardless of whether the debtor has paid a certain amount of money into the account.
It should be pointed out that the money deposited in a current account is expropriated only after a notification has been sent to the debtor account holder, which contains an enforceable title, a deed of precept and the actual deed of foreclosure.
In particular, the latter is also sent to the bank, and only at this point will the bank be authorized to block the sufficient amount of money from the debtor’s account.
On the other hand, if the debt is due to the tax authorities, the Revenue Agency can proceed with the attachment of the debtor’s current account without having to wait for the intervention of the judge.
Where to put the money so as not to have them foreclosed?
Let us now try to understand how to protect savings from foreclosure.
The first method that comes to mind, perhaps the simplest and most immediate, is to remove all the money from the current account and take it home, since the creditor, not finding any money, will not be able to use anything.
To do this, it is necessary that no further sums are paid into the account until the hearing, which is specified in the attachment deed, where the insufficiency of the account has been verified, the court will close the enforcement procedure in a short time.
Withdraw money and keep it at home
So you can withdraw your savings in cash and put them in a safety deposit box.
So as to avoid checks by the state in the event of considerable figures, although we would like to specify that avoidance and all those practices to circumvent the law are a crime.
Issue of cashier’s check
Another option to avoid the foreclosure of sums of money is to have a cashier’s check issued by the bank, in your own name or that of a family member.
Through this operation it will be possible to empty the current account and not allow the foreclosure even of the check, because the amount will remain virtually blocked.
Put money on Paypal
Another interesting idea for where to put the money in order not to be foreclosed is to move it to PayPal.
Since it is an account that is formally located abroad and the rules on foreclosure are more difficult to enforce.
Moreover, it does not appear in the register of current accounts. In this case, the lender may not suspect that there are large sums of money, so it would be safer.
Are there current accounts that cannot be attached?
In conclusion, we can safely say that there are no real non-seizable current accounts.
Rather, there are gimmicks and precautions that can be put in place to avoid foreclosure.
In essence, we must try to make the best of a bad situation and move our capital where we are sure that they cannot be intercepted.
Finally, dear readers of Financial Empires, we sincerely hope that thanks to our guide you have understood more about non-seizable current accounts, our article is for informational purposes only and does not want to encourage you to evade the tax authorities, a good continuation!
The editorial staff, Financial Empires
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