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Can your social security be garnished for a car loan or house loan?


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Wiki User
2005-09-25 13:39:37
2005-09-25 13:39:37

All SS benefits are exempt from creditor actions. However a vehicle and a house are considered secured debt and can be subjected to seizure and possible sale by the lender.


Related Questions

bs i had student loans being garnished from my disabilty ss

No, Section 207 of the Social Security Act prohibits regular creditors from garnishing or levy an individual's Social Security. The only way your Social Security can be garnished is if you owe money to the IRS, if you owe federal student loans, or if you owe child support or alimony payments.

Yes, someone on the social security can be able to cosign for a loan. The person cosigning the loan however has to have good credit regardless of his availability on the social security benefit.

If it's federal they can get your social security without even taking you to court. They would have to take you to court for a retirement account. If it's private they would have to get a judgment.

No, Social Security is not a bank or loan company.

If you are on social security you should not be cosigning on a student loan. You would be guaranteeing that if the student doesn't pay off the loan you will. The federal government can garnish your social security benefits to recover student loan payments.

No, a representative pay will not be able to get a loan for a child's social security disability check.

The answer is NO, SSI will NEVER be garnished, except to repay SSI overpayments, which can be recovered by a 10% reduction of benefits. SSI will NEVER be garnished for student loans, back taxes, etc.Regular social security payments (NOT SSI) can be garnished IF you draw MORE than $750/month. If you make LESS than $750/month, nothing can be taken from your earnings. A garnishment can take 15% or the amount OVER $750, whichever is less to repay a "non-tax" debt, such as a student loan.

Can a student Loan garnish money, From your social security disability check when it is under $750.00

A Social Security Number or Taxpayer ID Number are generally required in order to obtain a mortgage loan.

No, all SS benefits are exempt from creditor garnishment, the exceptions are child support obligations and in some instances federal tax arrearages.

The lenders of Government insured student loans are given special consideration that virtually guarantees they will get paid. (Like it can't be dismissed in bankruptcy).

No. Your Social Security income will usually not be listed under the types of income that can be garnished but wages and tax returns etc can. If you are only receiving Social Security, you may be eligible for some type of financial hardship deferment or alternative payment arrangement to pay off your students loans. You should contact your lender to discuss the options.

Yes. The business providing the car loan must run a credit check and that requires a social security number. While giving a retailer your social security number is optional, it isn't when trying to obtain credit.

No, you will not be able to get a payday loan on a child's social security disability check with or without a debit card.

Yes, if it was a federally insured student loanor a federal student loan, within limits. Often what occurs is the monthly disability check will be reduced each month at an amount that allows one enough income for basic expenses and provide a sum for the repayment of the loan, until the loan is repaid in full.

Not likely. Most insurers, if they know that they are on social security benefits, would not loan the money to them.

Yes, being on Social Security or Disability may allow a person to secure a loan. For example the payday loans services offers loans to individuals living on Social Security.

yes - it can be garnished for any federal obligations

Social security is able to be garnished. This was part of the Debt Collection Improvement Act of 1996. Honestly, for ethical and logical reasons, it is dumb that they can. 'Robbing Peter to pay Paul' is how one could describe it.

Can wages be garnished for the balance of an auto loan in the state of Delaware

Well, I think you can because I don't have a social security number and I got a loan at Bank of America. This answer is NOT true! BofA REQUIRED SS#, to insure that they can thoroughly bleed you dry.

It is false. A mortgage is a secured loan. The house itself is the security.

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