Q & A

Can A Debt Collector Come After My Social Security?

Answer: If you’re facing financial struggles during what was supposed to be one of the best times of your life, or while collecting disability checks, you may be wondering whether not debt collectors can access your social security account.

Laws Protect Your Money from Private Creditors

Social security funding of up to two months is exempt from all private lenders and banks that you are in debt, meaning they won’t be able to dip their hands into these accounts or sue you for the money. A law passed in 2011 reinforces these rules forcing banks to review the source of income funding before a creditor is allowed to take the money; however, these rules are also dependent on how you receive the funding. In order to benefit from these protections, you must:

  •  Have your funding direct deposited into the bank instead of receiving a check
  •  Never transfer funds out of the accounts

If you follow these general guidelines and these entities try and sue you for the funding, you can submit documentation to the court showing that your earnings are protected under these laws.

One Exception: The Federal Government  Read more…

Source: FinancialBuzz, 8-25-2014

Notice: The “Read more…” link provided above connects readers to the full content of the posted article and/or external information sources. The URL (internet address) for any links are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. Also, the opinions expressed in these postings are the viewpoints of the original source and are not explicitly endorsed by AMAC, Inc. or socialsecurityreport.org.

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