[earlybird01]

My bank accounts were recently attached by a law firm/collection agency. Of course I didn't know until I tried to use my ATM card. I am currently on Soc Sec and would like to know if there is any way to protect funds that are not connected to SS. I have notified my new bank that my SS funds are not subject to confiscation (they were a little bewildered
At first.

My question is "how do you handle" any funds that could be considered co-mingled. Can
You legally set-up an account that is protected??

[excon]

My question is "how do you handle" any funds that could be considered co-mingled. Can you legally set-up an account that is protected???????

Hello e:

Not only CAN you set up a protected account, if you don't want to lose your SSI, you BETTER set one up. Depending on the bank to differentiate between what funds are seizable and what aren't is NEVER going to work. Of course, they're bewildered.

excon

[earlybird01]

Hello e:

Not only CAN you set up a protected account, if you don't want to lose your SSI, you BETTER set one up. Depending on the bank to differentiate between what funds are seizable and what aren't is NEVER going to work. Of course, they're bewildered.

excon

Thank you...

[ScottGem]

My bank accounts were recently attached by a law firm/collection agency. Of course I didn't know until I tried to use my ATM card.

But you DID know you had a judgment against you, correct? So what did you think the creditor was going to do with that judgment?

You should be able to prove, by deposit records, how much was due to SS and get that money back.

But excon is correct, the bank is not going to spend time determining what is commingled funds.

[earlybird01]

I was simply not aware that the law had changed both in Texas and nationally. Prior to the new law your bank account was somewhat sacrosanct against judgements, et al.

I found out otherwise... I am not crying over spilt milk. I am just trying to adjust for the future. It's a little trying to function on a strictly cash basis. I have my SS check mailed to me to cash... I know that they can retrieve direct deposit funds. What I am primarily trying to do is protect outside income that may be exposed. Obviously going offshore is one option... I'd like to see several more options.

I appreciate your time.

[ScottGem]

I was simply not aware that the law had changed both in Texas and nationally. Prior to the new law your bank account was somewhat sacrosanct against judgements, et al.

Umm what law did you think changed? While Texas does not allow garnishment of income, bank accounts and other assets are subject to attachment. This is also true nationally and it hasn't changed recently in my knowledge.

What I am primarily trying to do is protect outside income that may be exposed. Obviously going offshore is one option....I'd like to see several more options.

Here's an option; pay your debts. If you can afford a lump sum settlement you may be able to settle the debt for pennies on the dollar.

[earlybird01]

Great idea... just pay it or negotiate a lump sum settlement. Unfortunately the amount owed is approximately 600 times my monthly SS check and the holder of the judgement will not negotiate. If worse comes to worse a chpter 7 will eliminate it; but, I would rather not go that way.

[ScottGem]

But you talk of other income.

[earlybird01]

Not enough to even make a dent; but, certainly not worth exposing.