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LawTalk
LawTalk, Attorney
Category: Landlord-Tenant
Satisfied Customers: 35390
Experience:  I have handled Real Estate and Landlord Tenant matters for more than two decades.
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Checked my credit report - found out there is a judgement

Customer Question

Checked my credit report - found out there is a judgement against me. First time I heard about it. Am retired & on on pension. Can pension be garnished?? Also, bank accounts, savings??
Submitted: 1 year ago.
Category: Landlord-Tenant
Expert:  LawTalk replied 1 year ago.
Good afternoon,
I'm Doug, and I'm very sorry to hear of your situation. My goal is to provide you with excellent service today. In order to give you a clear and concise answer, I will need some additional information about the circumstances, please.
1. Is your pension from social security, or an employer, or?
2. Any other income?
3. What state do you live in?
4. How much do you have in checking and savings?
Doug
Customer: replied 1 year ago.
1. Pension is from public sector employer (federal government).
2. Have social security and TSP(401k type annuity)
3. LIve in Columbus, Ohio
4. Total in checking in checking & savings equal about $3,000
Customer: replied 1 year ago.
Hopefully, this can be a start.
Expert:  LawTalk replied 1 year ago.
Good morning,
I apologize for the delay in getting back to you. I was out of the office yesterday.
Government pensions, like social security benefits, are protected from garnishment of creditors. However, a traditional bank account may be garnished under certain circumstances.
You will want to keep one bank account for ONLY the direct deposit of your retirement benefits from the feds and social security. That way the bank account cannot be levied on and the feds won’t allow garnishment before they pay you the money. Keep a separate account for your pension because if you comingle non-pension money with your pension money, you will lose the protection for your pension funds and the bank can then be forced to turn it over to the creditor.
As for the existing money in your checking and savings---if either of the accounts are not 100% pension income, then that money is at risk and you might consider pulling it out and using it to pay your bills until it is gone, then leaving just your account into which your retirement pension is direct deposited.
You may reply back to me using the Reply link and I will be happy to continue to assist you until I am able to address your concerns, to your satisfaction.
Kindly, remember to rate my service to you. That is how I am credited for assisting you.
I wish you and yours the best in 2015,
Doug

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