I have a charge-off on one of my credit cards and don’t have much money in my savings. I’ll be receiving around $1000 from the state soon and was wondering if I should put it in savings or keep it as cash. Can debt collectors garnish my savings account? I’m a senior citizen living on Social Security after losing my partner, and I’m struggling to make ends meet. I need advice on what to do to protect this money.
Debt collectors generally can’t just take money from your account without a court order. You should check your state laws to see if Social Security funds are protected.
Pace said:
Debt collectors generally can’t just take money from your account without a court order. You should check your state laws to see if Social Security funds are protected.
In most cases, Social Security income is exempt from garnishment. Just make sure your bank knows it’s your primary source of income.
Pace said:
Debt collectors generally can’t just take money from your account without a court order. You should check your state laws to see if Social Security funds are protected.
Agreed. If they ever get a court order, you’ll have a chance to contest it. Don’t panic yet.
You might want to keep the money as cash for now, just to be safe. Talking to a legal advisor is a good idea too.
Ori said:
You might want to keep the money as cash for now, just to be safe. Talking to a legal advisor is a good idea too.
Yeah, especially if you’re worried about a garnishment. Legal services can help you figure this out.
I’m so sorry for your loss. Social Security income is usually protected from debt collectors, but make sure you’re not mixing it with other deposits that aren’t protected.
Marin said:
I’m so sorry for your loss. Social Security income is usually protected from debt collectors, but make sure you’re not mixing it with other deposits that aren’t protected.
Good point. Keep detailed records of your deposits so it’s clear where the money comes from.
You should reach out to NJ Legal Services if you can’t afford a bankruptcy attorney. They might be able to help you navigate this.
Banks usually won’t let collectors touch Social Security deposits, but it’s always safer to consult a lawyer or legal aid group.
Sky said:
Banks usually won’t let collectors touch Social Security deposits, but it’s always safer to consult a lawyer or legal aid group.
Exactly. And make sure your bank knows that the account holds protected funds.