Can debt collectors freeze a joint bank account if you owe them money?

If you're behind on debt payments, make sure you understand what could happen to your joint accounts. Ramberg/ Household budgets are under significant pressure right now, with millions of Americans trying to juggle stubborn (and now rising) living costs and shrinking financial cushions thanks to their rising credit card debt. Today's higher-than-average credit card rates aren't helping, either, as the borrowers who are carrying revolving debt from one month to the next are watching their credit card debt compound rapidly. But the borrowers who have fallen behind on their debt payments are at risk of even higher stress levels once the debt collection process escalates beyond calls and letters and into the legal system. And, that's especially true for borrowers who share financial accounts with a spouse, parent, child or business partner. A joint bank account may seem like a practical way to manage your household expenses or combine incomes, but a shared account can also create confusion when one account holder owes money to creditors who have successfully sued and won a judgment against them. In these cases, the account holder is at risk of facing a bank levy , which freezes the funds in the account, making it tough to access the funds needed for rent, groceries or other bills. The rules surrounding joint accounts and debt collection aren't always straightforward, either. …