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Can a creditor take money directly out of my bank account if I owe the creditor money? Sometimes this may be possible. If you have money in a savings or checking account with a bank, credit union,
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A creditor can take possession of certain assets owned by the debtor to satisfy a debt.
The debtor who owes a debt to the creditor is required to submit the information.
The debtor must provide details of their assets that may be taken by the creditor to satisfy the debt.
The purpose is to inform the creditor about the assets that can be seized in order to settle the debt.
The debtor must report their assets such as bank accounts, real estate, vehicles, and other valuable possessions.
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