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Thomas Swartz
Thomas Swartz, Attorney
Category: Legal
Satisfied Customers: 3171
Experience:  Twenty one years experience as a lawyer in New York and New Jersey. Former Appellate Law Clerk.
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Im a 70 yr old married man retired,drawing ss My wife and

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I'm a 70 yr old married man retired,drawing ss
My wife and I own commercial property in Alabama. Four years ago a hurricane caused some non-insured damage and we borrowed $95000 from the SBA.
We live in Florida where my wife is employed and is head of household. Both of us signed a personal guarantee on the loan
We now have a buyer for the property and SBA will release their 2nd lien provided I agree to continue payments.
MY QUESTION--If I file personal bankruptcy ( wife not included ) can the SBA garnish my social security or my wife as head of household?

No they can not garnish your social security payments. Social Security benefits are exempt from creditors by federal law. That law is stated in 42 U.S. Code § 407(a), which provides as follows:

§ 407 - Assignment of (Social Security) Benefits

(a) In general

The right of any person to any future payment under this subchapter shall not be transferable or assignable, at law or in equity, and none of the moneys paid or payable or rights existing under this subchapter shall be subject to execution, levy, attachment, garnishment, or other legal process, or to the operation of any bankruptcy or insolvency law.

I hope this answers your question.

Customer: replied 4 years ago.

Thank-you -- How about my wife who is head of household and employed

The same would apply to her.

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