|When a person owes money to another party, the creditor may attempt to collect the debt by garnishing the debtor’s wages. However, wage garnishment is not the only type of collection activity that creditors can pursue. In some cases, creditors may also attempt to garnish savings accounts in order to satisfy a debt.|
Generally speaking, savings accounts can be Garnished if the funds in the account are subject to levy under state law. This means that, in most cases, only funds that are considered “exempt” from levy will be safe from Garnishment. Exempt funds typically include things like Social Security benefits, child support payments, and certain types of government benefits. However, it is important to note that the specific rules regarding exemption vary from state to state. As a result, it is always advisable to consult with an attorney before taking any action that could potentially jeopardize exempt funds.
Have you ever found yourself in a situation where you need some extra cash to cover unexpected expenses? Do you have bills piling up and