PROTECT YOUR SOICIAL SECURITY INCOME - IT'S EASY

 Debt collectors will often try to seize your Social Security income, although it is exempt from most garnishments and liens.  That doesn't always stop creditors from using their court order to grab the Social Security money you have deposited in a bank or credit union.

And you cannot depend on the bank to know that these seizures are against the law.  I've had clients whose money has been grabbed by creditors and the bank didn't seem to understand the law at all.

Here is how you can protect your Social Security income once it has been deposited into a checking or savings account:

1.  Use a special, dedicated account and deposit all Social Security into this one account.

2.  Do not deposit any other income into the account--just Social Security money.

3.  Don't allow anyone else's name or Social Security number to appear on the account.  In other words, no joint accounts.  If someone else, such as a spouse, appears on the account, it can confuse the protection you should have.

4.  If a creditor seizes your account, inform the bank that Social Security money is exempt from most liens, seizures and garnishments.  The bank must do an investigation to show that the funds seized were not exempt as Social Security funds.  This is where it is very helpful not to have any other funds co-mingled with your Social Security funds.

IMPORTANT NOTE:  Certain types of debt are not exempt from seizure or garnishment.  This includes most debts guaranteed by the US government.  For example, student loans, past due child support or VA mortgages may not be exempt and could be legally seized.

This information is provided as general information and is not intended to be legal advice on any particular problem or situation.  If you need legal advice, please call your attorney for a consultation.