Can Judgement Collection Access a Safe Deposit Box?

If you're wondering whether a judgment collection can access your safe deposit box; you should know they can. If you have defaulted on any loan or other financial obligation the party to which you owe money may be able to seek a judgment against you in order to collect on that debt.  There are several types of judgments and the two most prevalent are IRS and private party judgments.  

IRS Judgments

The IRS can freeze your assets if they determine you owe them money. They can also place holds on your assets, on your checking and savings accounts and safe deposit boxes until the debt is satisfied. Typically, IRS judgments are reserved for people who owe back federal income taxes. IRS liens also take priority over any other debts you may have.

Private Party Judgments

In the case where the debt was secured by a particular piece of real estate or personal property, the lender will usually reclaim that property and sell it to recoup their money. If, after the sale of that collateral, there is still money owed on the debt the lender may seek a judgment through the courts. If awarded, a judgment gives a private lender the ability to go after your personal assets to satisfy their debt.  This may include reporting to the credit rating agencies or the garnishing of your wages.  



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