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
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.