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While there may be some limits or restraints on seizing a tax refund or pension (and probably not as much as you may want to think), once any of these items are deposited into a bank account they lose their identity and are like any other funds. It is only while the tax is with the IRS, or while the pension is in the actual IRA or 401K (or such), that it has any protection.
What else can I help you with?
Can a creditor seize your tax refund?
If the creditor is a government agency, then yes. If the creditor has not won a court settlement to garnish your wages, then no.
In Texas can a creditor judgment for an unpaid phone bill be enforced as a wage or tax refund garnishment or a bank account levy?
A judgment creditor can levy a bank account even if it is joint. A judgment creditor can only garnish income if there is no other way to recover monies owed. A judgment creditor can place a lien against real property but cannot perfect the lien as a forced sale of a primary residence. A judgment creditor cannot seize a tax refund.
Can a creditor seize your checking account after you file bankruptcy?
Not without the approval of the court
How do you seize a personal tax refund after obtaining a judgment against the person in new york state?
A judgment creditor cannot seize a refund, that action is only available to the IRS, state tax agencies or state child support enforcement agency. The judgment creditor would need to levy the debtor's bank account, garnish income or enforce the judgment by other means allowed by the laws of the debtor's state.
In Texas can a judgment be used to seize an income tax refund?
No if it is for creditor debt. Yes if it is for child support or tax arrearages.
Does a creditor who you owe money to have the right to seize your bank account in California if they bought out that bank?
yes
Can a creditor seize joint account with children?
Yes, a creditor can potentially seize funds from a joint account if one of the account holders has an outstanding debt. However, the rules can vary based on jurisdiction and the specific circumstances of the account. If children are named as joint account holders, the creditor may have limited access to those funds depending on local laws. It's advisable to consult a legal expert for specific guidance in such situations.
Can a creditor garnish wages and seize money from a bank account in Michigan?
A creditor can garnish wages or attach assets if they have obtained a judgment against the debtor.
Can a creditor or individual use a judgment to garnish a debtor's federal and state tax refund?
If I remember right, you can. * No. Only government agencies can seize federal or state tax refunds for matters such as tax or child support arrearages. A creditor or lender would need to execute a judgment against the debtor's bank account if the state laws where the account is held allows the action.
Can a creditor seize your veteran pension direct deposit?
NO.They will tell you they can,it's just a scare tactic.The local Judges are not aware of the Federal Law Veterans Disability Protection Act of 2010.
Can creditors take your federal income tax refund?
Tax refunds can only be seized for tax arrearages and/or child support arrearages, they are not subject to attachment by a judgment creditor. Obviously if the refund is deposited in the debtor's bank account a judgment creditor can levy that account and seize any and/or all funds necessary to pay the judgment. The exception is monies that can be proven to belong to a joint account holder who is not the debtor, and monies considered exempt, such as SS, SSI, SSD. However, each state has a minimum exempt amount for bank accounts that cannot be seized by creditors. But you have to go to court and ask to protect it. It's not tiny, either. In Virginia, for example, the first $5,000 in the bank can be exempted from seizure by a creditor. Maryland exempts $6,000. This is not a bankruptcy exemption, it's a general exemption from attachment by a judgment creditor.
Seize bank account for credit card debt?
If your bank account has been seized because of a debt you owe, you should call and work out a payment arrangement with the creditor. You should also start a new bank account.
