Is a pension exempt from garnishment?
Then, can your retirement pension be garnished?
While it's hard for a creditor to garnish your pension payments directly, the money could get caught up in other collection activities. The law generally prevents creditors from garnishing private pensions and other retirement savings vehicles that fall under the Employee Retirement Income Security Act.
Beside above, what is exempt from debt collection? The following kinds of personal property are exempt from debt collection and cannot be seized: Household goods, like furniture, clothing, and appliances. Medical equipment, such as a wheelchair. One television, one radio, one computer and one cell phone.
Correspondingly, what is exempt from garnishment?
Garnishment exemptions These include: Employment Insurance payments, Old Age Security benefits, Pension benefits, and any disability benefits issued by the Workplace Safety and Insurance Board or Ontario's Disability Support Program. These cannot be garnished even after they have been deposited into a bank account.
Can the IRS garnish your pension?
Yes, the IRS can take your pension as it is not a protected asset. They can also take money from Social Security benefits, your bank account and even take your home depending on how much you owe. However, the IRS will usually give you options to pay the money back before performing a levy.