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5 rules of thumb on: bank account foreclosure imposed

What do you do when your bank account is foreclosed?

Important information:

  • Government institutions (income tax, VAT, National Insurance, municipal authorities, etc.) have the authority to impose foreclosure without the need to open a file at the Execution Office.
  • Any amount deposited into the account, starting with the foreclosure and for three months, is automatically foreclosed as well.
  • Foreclosure on a bank account is the first step before foreclosure of wages, vehicles, etc.; Therefore, it must be dealt with without delay.

Five steps to take:

  1. Immediately contact the creditor to clarify the nature of the debt, and in the event that the debtor recognizes the debt, try to reach a payment arrangement that will lead to an agreement on the removal of the foreclosure. If unsuccessful, the Execution Office should be contacted with a request for a competency investigation and for the establishment of a payment order that will remove the immediate proceedings (only in cases where the foreclosure is through the Execution Office).
  2. In the event that the debtor does not recognize the debt, it is necessary to contact the Execution Office or the foreclosure authority immediately in order to prove the absence of liability.
  3. If the debtor has collateral held by the bank, ask the bank to “forfeit” the amount of the foreclosure from the collateral until the foreclosure is lifted, in order to allow normal movement in the account.
  4. If the debtor currently subsists on benefits, the entire benefit must be withdrawn from the bank account within 14 days of its deposit, otherwise the amount will be allowed to be foreclosed.
  5. When the salary is foreclosed, the entire salary cannot be foreclosed and the debtor must leave a minimum living amount (calculated according to the number of family members). Make sure that the bank is operating as required and does not allow full foreclosure.
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