How a bank levy could affect your Social Security benefits - CBSNews.com
U.S. Census researchers have found that about 14 percent of Americans 65 and older rely on Social Security for 90 percent or more of their income. Given the importance of these funds, private debt collectors cannot garnish them; however, there is a way to circumvent this federal law. The creditors can use a bank levy instead. A bank levy occurs when a creditor, after obtaining a court judgment, requests a court order (often referred to as a writ of execution) directing your bank to freeze and transfer funds from your checking, savings, or other deposit accounts to pay the debt owed. Angelica Leicht, writing for CBS, explains what a bank levy is and how to protect your Social Security benefits from it. Read Ms. Leicht’s article here…
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