Ask Experts Questions for FREE Help !
Ask
    Bobino65's Avatar
    Bobino65 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jun 7, 2009, 09:55 AM
    Can there be a levy put on my retirement back account
    I'am medical retired and I just had a levy put on my savings account where I receive my retirement. This company called Persolve, LLC who claims they bought an old car loan account I had through Ugly Duckling who later switch their name to Drive Time. I had a car accident in 2003 the hood of the Geo Metro was damaged and my insurance company said the car was total my insurance paid it off and I agree to pay a balance of $2000.00. I talked with Persolve and they are still tyring to collect monies from me. I was told they could not take my retirement so far I have filled out a claim of exempt form does the 5301 code section apply to me.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Jun 7, 2009, 12:52 PM

    They cannot garnish your retirement, but once its in your savings account its commingled funds. You would have to fight the attachment order by proving the only amnounts deposited are from protected income.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

How is a retirement account hardship withdrawal done? [ 2 Answers ]

Hello, I am 50 years old. I am employed with government agency. But in a kind of financial mess right now due to mismanaging and gambling my money. I have now credit card debts, personal debt, and car payment. All my debts amount to about $77,000. I have however 3 retirement account. Those have...

Bank Account Levy, joint account [ 1 Answers ]

Today, a levy was placed on the joint account of myself and my wife, for a debt she had from a credit card company. Once I found out, I called her and had her call the lawyer, who then told her to dispute it, she would have to send a certified letter to the court, as well as the plaintiff, as to...

Non qualified distribution of retirement account [ 2 Answers ]

I live in Georgia and might need to take an early withdrawal on my retirement account. Am I correct when I figure that it will be 32% since I will pay a mandatory 20% federal income tax withholding plus 10% early withdrawal fee plus 2% Georgia state tax withholding? Can this be right?! Thanks,...

Retirement Account [ 5 Answers ]

Hi, Before April 15th, I want to invest into an retirement account. I don't know if I should open a Roth IRA account or the new proposed Lifetime Savings Account(LSA) by president Bush. Can you please list the pros and cons of both accounts. Would I be able to withdraw from the...

View more questions Search