Answers.com > Wiki Answers > Categories > Business & Finance > Business and Industry > Business Accounting and Bookkeeping > Commercial Bank and Checking Accounts > If you live out of the country but have a joint checking account in Florida funded by a pension and Social Security can creditors garnish or freeze the account?

If you live out of the country but have a joint checking account in Florida funded by a pension and Social Security can creditors garnish or freeze the account?

In: Commercial Bank and Checking Accounts [Edit categories]

Answer:

Answer

All SS benefits including SSD and SSI are exempted by federal law from creditor garnishment. Bank accounts belonging to married couples in the state of Florida are presumed to be held in Tenancy-By-The-Entirety unless the signature card specifies otherwise. TBE accounts cannot be levied by creditors unless the spouses are joint debtors.

If an account contains only SS benefits it cannot be garnished regardless of the way it is established. Some pensions are garnishable by a set percentage established by the state laws. It is necessary for the debtor to have proof the funds are exempted under federal or state law in order to have maximum protection from creditor garnishment.

This protection is NOT automatic when it pertains to a creditor lawsuit. The debtor/defendant must submit the required documentation to protect bank accounts and other real and personal property that is allowed under Florida's exemption laws.

First answer by Macky. Last edit by Macky. Contributor trust: 5186 [recommend contributor ]. Question popularity: 36 [recommend question].

[report abuse]

Can you answer these Commercial Bank and Checking Accounts questions?

	What bank first offered youth accounts?	Answer it!
	What degree will get the higher paying job a bachelor of art or a bachelor of science in business?	Answer it!
	How do you write a letter to bank manager for handover my passbook to my father?	Answer it!
	What are the roles of commercial banks in educational development?	Answer it!
	What is not a type of savings account?	Answer it!

Relevant answers:

If you live out of the country but have a joint savings account in NY funded by social security?
Well it depends on who the creditor is. If it is the internal revenue service for back federal income taxes they can levy the bank account and also if you owe on back child support or owe an ex...
Can a joint checking account be levied in Florida?
Yes, unless it is a marital account held as Tenancy By The Entirety (TBE).
Can an attorney freeze a joint checking account?
Yes, provided this provision is allowed by your state's laws.
How often can a creditor garnish a checking account?
Until the debt is paid according to the judgment award. States establish garnishment laws and each state differs somewhat in the way garnishment is implemented, the percenage allowed or if it is...
Can a creditor put a freeze on your checking account?
No. In the United States, only a government entity is allowed to freeze bank accounts, and only for the investigation of (and sometimes resulting conviction for) criminal acts. Creditors have the...