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emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3166
Experience:  IRS licensed Enrolled Agent and tax instructor
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Is your bank account garnishable if social security is your

Customer Question

Is your bank account garnishable if social security is your only income?
Submitted: 1 year ago.
Category: Tax
Expert:  emc011075 replied 1 year ago.

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.

Customer: replied 1 year ago.
It is not the IRS, just a regular creditor who is trying to sue me.
Expert:  emc011075 replied 1 year ago.

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.

Expert:  emc011075 replied 1 year ago.

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.