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Apr 28, 2007

Wall Street Journal On Garnishment Of Social Security Benefits

Take a look at this video from the Wall Street Journal on garnishment of bank accounts containing only Social Security benefits. The Social Security Act prohibits virtually any attachment of Social Security benefits, which includes garnishment and, arguably, bank setoffs. This has been interpreted to mean that bank accounts containing only Social Security benefits are also exempt from attachment. Despite this, garnishment and setoffs of bank accounts containing only Social Security benefits happen routinely.

Who knew that the Wall Street Journal was multi-media?

1 comment:

Anonymous said...

The Social Security Act does allow garnishment of social security benefits for child and spousal support and debts owed to the federal government.