I received a Judgment against me so I closed all my accounts to protect myself from a possible bank levy. However, I have heard that if I have someone else open an account for me and add myself as the power of attorney, they would be unable to levy my account. Does anyone if this is true?
sorry, when we receive the levy, we will look for any and all accounts you are a signer on. That will include your POA.
By definition a POA gives you authority to do something for someone elsemake medical decisions, open/close accounts, transact other matters 'as if you were that person'. You would not be a signatory on the account and your social security number would not appear anywhere. Acting as a POA has no effect on your own assets. Doing what you suggest for the purpose expressed is illegal. Unless the amount of the judgment is huge and a forensic accountant/investigator is in hot pursuit, it's unlikely an account in your name would suffer attachment unless the bank is known to the creditor. It's not like an APB is sent out to all banks, everywhere to be on the lookout for any accounts belonging to John Doe residing at xxx with ssn of nnnnn. A specific court-issued order must be sent to each bank at which you are believed to have an account. RJ
