We have a judgement against us and we are paying on it. My husband is about to retire. Can they garnish his retirement pension?
2007-01-19 18:21:15 · 8 answers · asked by Missymoo 2 in Business & Finance ➔ Credit
Yes, any sort of asset can be claimes, after a judgement has been made. Garnishment is possible, liens on personal property like houses, land, cars, and other tangibles can be conficated. As long as you continue payment, it probably won't be garnished. Similarly to family law, where child support payments have to be garnished, this usually occurs when the parent has failed to make timely payments. It's a secondary, more aggressive action to ensure payment when a person fails to stick with the judgment..
2007-01-20 04:41:53 · answer #1 · answered by Sasha 4 · 0⤊ 0⤋
Nope nope nope nope and nope...but what they can do is come after you AFTER it's been paid. But no garnishments. ERISA act of 1974 precludes state garnishments, levies, or other attachment proceedings. Only exceptions for that are: 1) Divorce QDROS 2) benefits pledged as security for a loan from that retirement plan (ie 401k loan) 3) a portion of FUTURE payments may be assigned by a participant in pay status. It must be voluntary and revocable. 4) A participant may make a revocable election to pay to a third party. Said third party must file a statement that they have no enforceable right to any benefit that they have not already received. 5) IRS can levy but not receive until in pay status 6) court ordered settlements with DOL or PBGC involving ERISA violations.
Doubtful that your judgement falls under any of those criteria. So, you can enter it voluntarily if you want but they can't garnish it. PERIOD! See Supreme Court ruling Patterson v. Shumate for support.
All changes if your husband was an owner-employee...but if he's simply a worker? no worries.
2007-01-22 16:59:12 · answer #2 · answered by digdowndeepnseattle 6 · 0⤊ 0⤋
If the IRS will come after you and garnish a pension, then I would think a judgement would garnish any type of retirement pension. My mother had a very bad scare earlier in the year with the IRS threatnening to garnish her pension after her investment company did not send them the taxes from money she withdrew. I would contact an attorney or a C.P.A. so I would understand what they can garnish because of a judgement.
2007-01-20 02:26:34 · answer #3 · answered by Sparkles 7 · 1⤊ 0⤋
the laws in every state are different....you need to do some research or ask a lawyer.....not here
2007-01-20 02:25:40 · answer #4 · answered by Anonymous · 1⤊ 0⤋
Yep.
2007-01-20 02:23:38 · answer #5 · answered by Ouroboros0427 2 · 0⤊ 0⤋
Just like any other income.
2007-01-20 02:23:50 · answer #6 · answered by Anonymous · 0⤊ 0⤋
depends on the type of retirement..................
2007-01-20 02:23:03 · answer #7 · answered by cork 7 · 0⤊ 0⤋
sure....... yes....... yah......
2007-01-20 02:28:02 · answer #8 · answered by darkevil 1 · 0⤊ 0⤋