Retirement & garnishment

[cschindler]

This is a hypothetical question, If I were to loose an advisory suit while in Ch 7 (Second on a foreclosed home $50,000.00 hard money private lender) how much could they garish my wages, and can they garish my retirement pay check when I retire in three years?

[Flamingo]

I suggest you speak to a lawyer in the state in which you reside because your state laws will apply and some states do allow wage garnishment. What do you mean by "retirement pay check?" Do you mean pension funds from your employer, Social Security checks or 401(k)/IRA withdrawals?

[cschindler]

Thanks for the reply, I was referring to, if I'm retired from a state job with a pers retirement could they come after my monthly retirement check thru wage garnishment.

[Universal]

Garnishment laws vary by state; years ago when I lived in Texas, only taxes and child support could be garnished; in Indiana, so very different. Someone looking at you sideways can damn near cause a garnishment action and order.
But seriously, it will depend on the laws in your state.

[AngelinaCatHub]

For most states, as mentioned, SS and pensions cannot be touched. Only for back taxes and that is called a levy. Child support also. Here in FL we are protected up to $500 by head of household. If you clear more than than it can be taken in a percentage. The second party if in the picture is not head of household, and has no $500 protection. However, check your state laws. It would help for a hint as to what state you are in to get anything else. 'Hub

[cschindler]

Hub, Sorry about that, I'm in Nevada.

[Flamingo]

You said you retire in three years...you are vulnerable now...an easy check of your Nevada state laws as to garnishment in your state as to your future pension can be done or consult with the attorney handling your Chapter 7.

[cschindler]

Hub, Sorry about that, I'm in Nevada.

filed Chapter 7: 03-22-2010
341: 04-29-2010
Trustee court order:05-04-2010 "no distrubution" :

[cschindler]

thank you all for the replies, now we wait & see if the AP is filed

[Majakat]

in NV -

Is there any property which cannot be taken by attachment or garnishment?

The creditor cannot take certain property related to basic needs. This property is called exempt property. Included in the property which is exempt under Nevada law (NRS 21.090) are:

75% of your take-home pay or 30 times the minimum wage (currently $154.50 per week) which ever is higher.
Unemployment benefits
Workers Compensation (SIIS) benefits
Welfare benefits (TANF)
Veterans benefits
Social Security and Supplementary Security Income
Social Security disability payments
Amounts necessary to pay court ordered child support or maintenance of a former spouse.
Vocational rehabilitation benefits
Certain federal and state retirement monies
Certain Individual Retirement Accounts
Insurance proceeds, if your annual premium is less than $1,000
One vehicle, if your equity (the market value minus how much you owe) is under $4,500, unless the lawsuit concerned the loan on the vehicle.
A homesteaded house or mobile home, even if you do not own the land. The exemption protects up to $125,000 of the homes value. It can protect up to 100% if the judgment is for a medical bill or you establish allodial title (see Homestead section on this WebSite).The homestead exemption does not apply if the judgment was for the mortgage or a mechanics lien upon the property.
Necessary household goods and yard equipment, (maximum $3,000).
Tools of your trade, profession or business, not to exceed $4,500.
Note: This is not a complete list of exemptions. Consult an attorney to determine if you have any other exemptions.