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Generally, no. If you are a party to a civil suit, your Social Security benefits cannot be seized or garnished under most circumstances. According to federal law (Section 207 of the Social Security Act (42 U.S.C. 407), only the federal government can garnish your benefits, and even then, they typically take only a portion. Benefits may be taken only:
- to enforce child support or alimony obligations
- to collect unpaid federal taxes (up to 15% of your monthly benefit)
- to satisfy a non-tax debt owed to another department of the government
- to enforce obligations under the Mandatory Victim Restitution Act (18 USC § 3613).
Once the benefit amount is in your possession, however, the government will not help you protect it; you must be able to demonstrate the source of your income is Social Security. If you are in danger of having to pay a settlement in a civil action, the best way to protect your Social Security check is to open a separate bank account used only for deposits from the SSA.
If you also receive Supplement Security Income (SSI), it cannot be garnished or levied by anyone for any reason.
For more information, see Sources and Related Links, below.
Wiki User
∙ 13y ago
Wiki User
∙ 15y agoPerhaps, it depends upon the personal property exemptions allowed by the judgment debtor's state and/or the nature of the judgment itself ( personal injury, credit card debt, etc.)
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Can your IRA be garnished?
They can sometimes...you would need to check with your state laws to see.
Can IRA be garnished for child support in Kentucky?
For arrears, yes. see links below
If you lose a civil suit can your IRA account be seized?
if I LOSE A CIVIL SUIT CAN MY IRA ACCOUNT BE SEIZED
When was the IRA peace settlement?
The 1998 Good Friday Agreement.
Can an IRA fund account be garnished in a lawsuit?
Generally IRAs are protected from creditors, and bankruptcy reform back a few years ago put them into the same category as pensions and annuities, which are exempt from seizure under federal bankruptcy law under 11 USC 522(d)(12) up to $1-Million in total value. On a State level there are some variations on if a Civil Judgment could attach to these types of retirement accounts. I would suggest that you talk with an attorney in your State for the fine details has there are many factors that can effect your defense on garnishing the IRA.
When did the IRA disband?
The IRA disbanded in 1923 after the civil war. The modern equivalents of the IRA such as the Provisional IRA decommissioned their arms and ended their service in 2005. Splinter groups like the Real IRA and Continuity IRA are still active, just about. But are not currently engaged in an armed campaign.
Can an auto finance co garnish a disability check?
In order for a garnsihment to be issued you must have had a judgment. Under normal conditions retirement, 401k and disability cannot be touched. For example under the OJ case his retirement from the NFL was not subject to the goldmans lawsuit. Your disability check should not be effected by a lawsuit. Yes, after proper legal process, disability is able to be garnished. Note...OJ was neither disabled nor on reitrement from the NFL, what couldn't be taken was his IRA of several million. Private retirement accounts are exempt from seizure.
What has the author Ira Michael Heyman written?
Ira Michael Heyman has written: 'Civil rights U.S.A' -- subject(s): Segregation in education, Public schools
What has the author Ira M Robinson written?
Ira M. Robinson has written: 'Canadian urban growth trends' -- subject(s): Urbanization, Cities and towns, Growth, Land settlement patterns, Urban policy
I am being offered a lump sum settlement from my pension ...in the amount of 118.000.00...I want to use some of it to pay off a 52.000.00 loan...what is the best way to get the settlement...with the least amount of taxes taken....thanks?
You can roll it over into an IRA that way it is not taxed until you draw from it. You can also take a loan out from the IRA with very low interest.
Can you have margin on an IRA account?
According to IRA regulations, if any part of an IRA is used as collateral, the entire IRA is considered to be distributed. Distribution of such accounts are subject to income taxes and an additional penalties. This is important because margin accounts require that you pledge your account as collateral. Your attempt to convert an IRA account into a margin account will nullify it's "qualified" status. It is for this reason that investment firms will not provide margin for a retirement account. Also, you are not allowed to have/keep a debit balance in a IRA account ***Revision Updated as Feb. 5, 2011 Select few brokerages will grant margin on IRA accounts. However, the margin capability will not be allowed leverage. The alternative purpose for seeking margin account is to avoid the settlement period (3 days, in which, the proceeds and principal cannot be used). Interactive Brokers and TD Ameritrade allow margining IRAs for settlement avoidances, only. This service has been approved be the Securities Exchange Commission. Bottom line: YES, you can margin an IRA account. NOT, for leveraging purposes.
Can your IRA be included for settlement in a law suit in Florida?
Every state has different laws regarding Individual Retirement Accounts, or IRA's. In Florida, laws have been enacted that allow IRA's to be included in law suits provided certain conditions have been met. These conditions can be extremely confusing to the layperson, and thus, anyone dealing with such an issue is encouraged to seek official legal counsel.
