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I am 70, how does federal law protect my meager assets from

debtors...
I am 70, how does federal law protect my meager assets from debtors
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Answered in 5 minutes by:
6/5/2013
Thomas McJD
Thomas McJD, Attorney
Category: Legal
Satisfied Customers: 6,516
Experience: Legal Expert
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TMcJD :

Hi, I will be happy to assist you, and it is my goal to make you a very satisfied customer! This may take a few minutes, so thanks for your patience.

TMcJD :

What assets do you have?

Customer:

income from ss and another public teachers penion Small trade from my trade union. living day to day

TMcJD :

Federal law provides exemptions for those assets. These exemptions are provided by statute. The statutes prevent the creditors from attaching exempt assets such as your social security and pension. For example, if they sued you and obtained a judgment, then they could only take assets that are not exempt. Since social security and pensions are exempt, then they cannot take those assets. These exemptions are at section 207 of the Social Security Act and 29 USC sec. 1056(d)(1) of ERISA.

Customer:

Either fight or run!

Customer:

wooried about $1200 pension from my union

Customer:

IF it my wifes debt she should be in clear. should we have separate bank account

TMcJD :

ERISA would generally cover the union pension as well

TMcJD :

In addition, MO state law protects many types of pensions.

Customer:

good I really don't expect any lawyer would try to sue us,waste of time?

TMcJD :

Yes, if it is her debt, then you would not be liable. As such, they would not be able to obtain a judgment against you. Your pensions and ss would be protected as they would be in your name only. Yes, it would likely be a waste of time for an attorney to sue you -- especially if you make any creditor or debt collector that tries to contact you aware that your funds are all exempt.

Customer:

Can I stop Phone calls as we are both disabled and don't need too be woke up in morning.

TMcJD :

Legally, you cannot prevent the actual creditor from contacting you unless it is so frequent, so early, or so late as to be harassing. However, if it is a debt collector (someone working for the creditor), then you can make a written request that they make no further contact. They must comply under the Fair Debt Collection Practices Act.

Customer:

One calls every day

TMcJD :

Creditor or debt collector?

Customer:

credater. never had late payment but when I reach 70 they lowered my credit line to amount owed

TMcJD :

Okay. Well, they can legally contact you everyday even if it's annoying. They have to start using threats and coercion before it's usually considered harassment. Just annoyance isn't enough. You could still write them a letter indicating asking them to cease communication by phone and allege their conduct is harassing and that you will be forced to seek legal remedies if they continue. That may get the job done -- but know there is no guarantee.

Customer:

I want to read it all over and will except. thank you.

Thomas McJD
Thomas McJD, Attorney
Category: Legal
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Customer reply replied 4 years ago

how will I stop creditors from still trying to get to my account, which will have bank to ask me to close my account

Actually, they would need a judgment first and then an order allowing levy against your bank account. By law you must then have notice and an opportunity to assert your exemptions before they can take anything.
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