“Can A Debt Collector Garnish My Bank Acct.?”

Emergency FUnd“Can A Debt Collector Garnish My Bank Account ?”  Well yes, if you don’t pay a debt, a creditor or it’s debt collector can sue you to collect.  However, in all lawsuits, you are notified by your county court this event is happening. You MUST respond within the specified time limits to dispute this action.  If you don’t want them to automatically win. IF..they win, the court will enter a judgment against you. The judgment states the amount of money you owe and allows the creditor or collector to get a garnishment order against you. This directs a third party, like your bank to turn over funds from your account to pay the debt. 

 Your wages are garnished when your employer withholds part of your compensation to pay your debts.  Your wages usually can be garnished ONLY as the result of a court order.  Again folks, DO NOT ignore a lawsuit summons. If you do, you lose the opportunity to fight a wage garnishment.

 The next question that comes before me as a credit risk assessment planner is; “Can federal benefits be garnished ?”  Well many federal benefits are exempt from garnishment including:  Social Security Benefits, Supplemental Security Income ( SSI ) Benefits,  Veterans’ Benefits, Civil Service and Federal Retirement and Disability Benefits, Service Members’ Pay,  Military Annuities and Survivors Benefits,  Student Assistance, Railroad Retirement Benefits, Merchant Seaman Wages, Longshoremen’s and Harbor Workers’ Death and Disability Benefits, Foreign Service Retirement and Disability Benefits, Compensation for Injury, Death, or Detention of Employees of U. S. Contractors Outside of U. S. , Federal Emergency Management Agency Federal Disaster Assistance.

 BUT, federal benefits may be garnished under certain circumstances, including to pay delinquent taxes, alimony, child support, or student loans. 

 One way to avoid accessibility to any monies being pulled out of your account is to have separate accounts. Through further education you can learn how to do this efficiently and effectively to protect your assets. Call (863) 967-0660  or email: SpectrumResources@tampabay.rr.com to learn more.  

 Put our blogs in your favorites for fast referencing and more learning. http://MoneySavingTips.PolkVoice.com  and http://SpectrumResources.wordpress.com  and http://FinancialEducationAndOptions.blogspot.com

 Your tax exempt donation to help us continue to help others is always appreciated.  Mail to: SRDC  2014 Brentwood Dr. Auburndale, FL 33823  or  use online check processor: www.Checkman.com/pay4it/12985

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