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Law Girl
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Is there a way to protect bank accounts from garnishment

Customer Question

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Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  Law Girl replied 6 years ago.

DearCustomer

Thank you for your question.

Unfortunately there is not. If your state allows for a bank account to be garnished a creditor may garnish it. However, keep in mind that it is unlikely that a creditor can garnish your wages and your bank account, if your wages are deposited into that bank account. There are certain types of income that cannot be garnished. In the event this income is what comprises the balance of the bank account, that may also protect the account from being garnished.

Please let me know if you have any other questions, or require clarification of this matter. Otherwise please hit "ACCEPT", so I may receive credit for my response. Tips and feedback are also appreciated.

Good Luck!

Customer: replied 6 years ago.
Reply to Law Girl's Post: I heard that a Family Limited Partnership can protect assets from being garnished. Is this true?
Expert:  Law Girl replied 6 years ago.
An entity that conducts business separate and apart from you will protect your assets. However, you cannot transfer a bank account in your name to any sort of entity. The bank account would need to be in the entity's name.
Customer: replied 6 years ago.
Reply to Law Girl's Post: So would a revocable trust be a protection?
Expert:  Law Girl replied 6 years ago.
It would be but against the bank account cannot be in your name, it would need to belong to the trust.
Customer: replied 6 years ago.
Reply to Law Girl's Post: Thanks. Just to clarify...if the trust has a bank account in the trust's name and I am the settelor or trustee (either) can I deposit checks made out in my name into the trust's account?
Expert:  Law Girl replied 6 years ago.
If there is a legitimate purpose behind the trust, then yes. However, if you are merely trying to evade creditors, this may be quite transparent and you may be involved in lengthly litigation to prove the validity of the trust.

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