Have a Tax Question? Ask a Tax Expert
Hi. My name is ***** ***** I will be happy to help you.
If you owe IRS and you have assets in bank, IRS can garnish it. IRS can even garnish up to 15% of your social security income. If you cannot pay your debt you need to contact IRS to make payments arrangement, set up a payment plan or file offer in compromise. That's the only way to let IRS know that you are experiencing financial hardship.
Ok. Creditors can go after assets in your bank but they cannot touch your social security. The creditor will have to obtain a court order so it really depends on judge's decision. In most cases you can appeal it if the garnishment would cause you a significant financial hardship.
I see you read my respond. Do you have any questions? Is there anything else I can help you with today?
And if this answered your question, please take a moment to rate my response so that I may receive credit for assisting you today. However, if you need clarification, or want to discuss this issue further, let me know. Thank you.