Can all assets in a bank account be legally garnished?

On behalf of The Rollins Law Firm posted in Debt Relief on Wednesday, October 22, 2014.

An interrupted asset flow is undoubtedly a scary proposition for many Mississippi residents and other persons across the country. Most people focus conscientiously on their jobs and securing the income required to pay back responsibly on their personal debt obligations, and a sudden inability to do so can virtually turn their lives upside down.

Garnishment can especially do that, since it can blindside a consumer by making an unexpected and nasty arrival. That money sent out to cover a rent or mortgage payment is not timely arriving in the creditor’s account, because it has been frozen pursuant to a court order. The same result can attach to a credit card payment, student-loan outlay and a host of other money sought to be applied toward debt repayments.

With garnishment, an immediately relevant – and urgent – question naturally begs to be asked, namely this: Is all money frozen in an account permanently stuck in that status? Can a court order to a bank simply demand that all assets be frozen and out of reach to an account holder?

The answer to that query is two-fold, as follows: Although an order certainly can – and often does – put a freeze on all account assets, it can ultimately turn out to be the case that certain assets are exempt from garnishment.

That obviously merits checking out. In fact, an account holder being garnished might want to timely consider enlisting the help of an experienced debt relief to sort through all extant accounts and to intercede with court and bank officials as necessary.

As noted in an online consumer tract written by a federal government agency, the potential sources of funds exempt from garnishment are lengthy and can be multiple in a given case. Many federal and state benefits are beyond the reach of garnishment, including Social Security benefits and retirement and disability benefits associated with a number of programs.

Indeed, garnishment and the resulting account freeze it can bring is obviously serious business. In select instances, though, the consequences can be somewhat tempered by identification of benefits that are legally exempt from the process.

Client Reviews
★★★★★
I had a wonderful experience. The staff were nice and very informative. The process was quick and easy. Very affordable for me being a single parent. Would recommend anyone there. - Lashay H.
★★★★★
The Rollins firm assisted me at a very low point in my life. After having a lot of medical issues and expenses, I found myself unable to make ends meet. Mr. Rollings and his staff worked very promptly to help. They made the process so easy to complete. - Vinester Smith.
★★★★★
Fast response and professional advice. Really great to work with and understand what a difficult time in one’s life this is. Will recommend to anyone - Bryan Aust.
★★★★★
My wife and I were in an impossible financial situation where over time, we had built up so much debt that we could no longer keep up with all the payments. We were getting further and further behind until we reached out to the Rollins Law Firm for help. They have the knowledge and expertise through their experience to handle our particular situation. Their entire team of professionals are always available to answer questions, explain your options, and then provide the legal service that you need to relieve your financial worries and get you back on the right track! I recommend the Rollins Law Firm to anyone who needs help to deal with financial struggles. - Mike Zegelien.