If someone defaults on their credit cards and their only income is from their retirement pension - can it be touched? I can't find the answer. Thanks!
Hey Breeze, I love all of the advice and fun you bring to all of us here. I think this is beyond the scope of what we can do to help you here. I really think you need to contact an attorney to deal with this matter. Good luck. M
Breeze: Some say it can and some say it can't. The truth of the matter seems to be dependent on the type of debt and the state laws in the state that one lives in and the type of pension. I believe that private pension plans can be garnished while government types such as VA or SSI cannot be. That seems to be the consensus of opinions which means that everyone has one. I would go over to CLICK HERE for FINDLAW.COM and see if you can find something on that in your state statures or in federal statutes or in rules of civil procedure. As you know, I'm not an attorney so I can only give you a URL you may be able to find what you want to know on.
SOCIAL SECURITY CAN'T BE TOUCHED... Retirement pension might be, if it EVER GETS PUT INTO A CHECKING OR SAVINGS ACCOUNT...
Breeze, I did several searches on Yahoo, seems most states have some type of exemption protection for retirement funds. Each state is different and I do not know what state you are in. Anyway I am pretty sure that you would not want to have anything other moneys in the bank account, just the exempt retirement funds, and some states seem to indicate if the money is left in the bank for a stated period of time (like 20 days) it may become subject to attachment. My state indicates most retirement funds are exempt up to $54,000. I am sorry I don't have much information I really wanted to help......I know tomorrow one of the experts will have the answers and save the day for you. tml
It does depend both on the state laws and the type of pension. Some states provide specific protections for civil service and union pensions. When collecting child support we received a lot of training on this issue in regard to California. Most courts will not order a garnishment on a pension fund, even for child support. However, if your pension fund makes regular deposits to a checking or savings, the actual account can become the target of a garnishment in many states. This is used by creditors in the case of people on Social Security as they know almost all these checks are direct deposit and they know the day of the month the deposit is made. The obtain a garnishment order and deliver it to the bank on the day of the regular deposit. A bank garnishment generally only applies to the funds in the account on the day the notice is served on the bank. Any subsequent deposits are not covered.
First of all - it isn't me!!! hahahaha. People sometimes email me with questions like this that they want to keep private. This guy lives in IN and everything took place in IN, the retirement check originates in IN. I did a search of IN statutes, but if it's there I couldn't find it - that doesn't mean it's not there, of course. Where they don't define the situation, IN reverts to the US code, can't find it there either. Too many big words. I was hoping someone (one of the lawyers?) with subscription to Findlaw might take the time to look this up. Y'all are right, I know, about taking it out of a checking account, but since someone else is putting their fate in my hands, to some extent, I was looking for the definitive answer. I am older than dirt, but not yet retired. At the rate I'm going, I will be able to retire at age 89 or 90, hehe. See for yourself http://www.laurafranklin.com/obx/mickie-puter.jpg
That's a nice picture of you Kristi. But why did they cut the top of the picture off just above the eyes and just below the mouth? (LOL)
I know!! It would be cool to have a password protected page where we could post our photos, but I guess the anonymity factor would make most folks hesitate.
Oh, I don't know. I mean, just a photo and a name? Where do you think a problem would arise if all there was was a picture such as at CLICK HERE FOR PICTURE OF BILL BAUER
Well, obviously you and I have no problem with it. I meant others. Some people are wary of putting up pictures and stuff.
Well, those few such as myself who might tend to break the camera at times might want to think twice, for the most part I fail to see much problem with it. As far as myself goes, let the da** thing break, the poor photog will just have to take his chances. (LOL)
Breeze this site might be helpful, www.usalawcentral.com/states/indiana14.htm another site www.lloydmc.com/in.htm, under garnishments just said: see federal law Again sorry I haven't found anything yet, but will keep looking. One site indicated that Indiana made it very easy on creditors to get garnishments. Again I will keep searching tml
I read the Indiana statute about garnishments. They are typical, I would say. Most states don't make it difficult. And, if you owe child support, they can just about take it all!!! Thanks for the links, I will check them out. Where's a lawyer when you need one??
