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  1. #1
    Join Date
    Feb 2008
    Posts
    5

    Default Bankrupcy And Social Security

    Can your social security AND/OR pension/retirement wages be garnished to pay for a secured loan (automobile)?

    Can you be sued if your only income is from social security and pension?

    State of residence is Indiana. Pension comes from job held in Michigan.

    Thanks

  2. #2
    Join Date
    Feb 2008
    Posts
    578

    Default Re: Bankrupcy And Social Security

    SS can't be garnished except for federal debts. Private retirement plans/company pensions depend upon what type they are and the state law. Most, like IA and MI exempt direct garnishment of most pensions and tax deferred plans, BUT once money from a company pension etc is deposited in your bank account it may be subject to garnishment/seizure and often you would have to prove which funds in your account came from exempted sources.

  3. #3
    Join Date
    Apr 2007
    Location
    Il.(near StL,Mo.)
    Posts
    5,252

    Default Re: Bankrupcy And Social Security

    Before they can garnish/seize any non-exempt assets, they would first have to sue you & get a judgment against you for the debt. Yes, you can be sued if your only income is social security & pension. They just can't seize/garnish exempt income.

    What they may do is repossess the vehicle.

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