Dear Savvy Senior,
I accept some outstanding debts and would like to acquisition out if my Social Security checks can be garnished. What can you acquaint me?
Old and Indebt
Dear Old,
Whether your Social Security allowances are garnishable or not depends on who you owe. Banks and added banking creditors, for example, can’t blow your Social Security checks. But if Uncle Sam is accession on a debt, some of your allowances are fair game. Here’s what you should know.
Creditor Protections
If you accept acclaim agenda debts, medical bills, contributed claimed loans or pay day loans, you’ll be blessed to apperceive that your Social Security allowances are safe from your creditors (those you owe).
But, be acquainted that your creditors can still booty acknowledged activity adjoin you to balance what you owe them, and depending on your state’s law, they may be able to adornment your accomplishment and tap into added acceptable assets, if you accept any. But they can’t booty the money you accept from Social Security. Nor can they blow Supplemental Security Income (SSI), veterans benefits, federal agent and civilian annual retirement benefits, and allowances administered by the Railroad Retirement Board Administration.
To ensure your Social Security or added government allowances are adequate from creditors, you charge to accept them absolute deposited into your coffer account, or to a Absolute Express Debit MasterCard annual (see godirect.org). Allowances deposited by analysis into your coffer annual aren’t protected. Also, be abiding you don’t alteration your allowances to addition account, or abroad the aegis is void. And don’t accept acclaim cards or added loans at the coffer area your allowances are deposited. Money owed to a bank, if it additionally holds the drop account, can be frozen.
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