Can They Take My Social Security?

[whotheheckknows]

What is the name of your state (only U.S. law)? Arizona

My wife and I are over 70, and worked at home but that business went bad with this economy. We recently had to leave our leased house and live with our kids. There are many debts, including the lease on the house and a contract with Direct TV that we cannot fulfill. Also, many credit cards.

All the money I have in the world is my Social Security. None of these creditors can get at it, can they? I do not know if we can even afford a bankruptcy right now, until we manage to save some cash. At the Socail Security website, they say no one, not even the IRS can take it. Can I trust that?

Is my only source of income safe? Also, can I get arrested for not paying my debts?

Help!!

 

[cosine]

Social Security cannot be directly garnished. However, if you move the money around in ways that make it not apparent that it is SS money, it could be mistakenly taken. But this cannot start until there is a judgment against you. Have you been sued? Have you obtained a copy of your own credit report from all three CRAs?

 

[StephenH]

Make sure the Social Security goes into a bank account with NO OTHER DEPOSITS IN IT. This was, you can tell the court if needed that this is exempt and the creditors cannot levy it. Then, try to work out a payment plan with the creditors if possible.

 

[Country Living]

Also, can I get arrested for not paying my debts?

No and Debt Collectors cannot threaten you with arrest / jail if you do not pay.