I have my personal checking accounts with a little money, nothing substantial and I have 2 checking accounts at another bank where my fathers social security disability and pension checks are deposited, and I pay all of his bills. I am the only signer on this account since my father has some personal addictions, and he does not want to be a signer as per his requests. Now here’s my question, I was a joint owner to a auto loan of my sister which was repossessed. She recently filed bankruptcy and they are now coming after me for the balance owed. I don’t need a lecture, I understand the whole system. My question is they are threatening to levy my accounts. I know that they can not levy accounts with social security – but this is my fathers SS. Can they take this money from me??
Social Security & Levys?
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Yes. Because the account was set up improperly (joint account) that means all of the money in it is just as much yours legally as his and they most certainly can go after the money in the joint account. They can’t garnish his social security before payment is made but once the money is in the joint account they sure can take it.
His account should be set up separately from yours and it should read “(Your name) on behalf of (His name)’” OR “(Your name) for (His Name).” That clearly identifies the funds in the account as belonging to your father. The bank may not allow you to do this if Social Security hasn’t appointed you your father’s payee. If that is the case you will need to go to the social security office which opens at 9am and closes at 3pm or 3:30pm to file an application to be his payee. They will need the name and address of his attending physician so that they can obtain a statement from him regarding your father’s capability of managing benefits in his own best interests. Your father can go with you. Social Security doesn’t appoint payees as a matter of convenience but only if the doctor states that a person is incapable. The reason Social Security appoints payees in the first place is to protect the social security benefits from being used for purposes other than the needs of the entitled individual.
Yes they can. If your name is on the accounts, they can levy them. SS income cannot be garnished if that is the only money in the account. However, you are not receiving SS so the accounts are fair game because they are in your name and not the person who is receiving benefits.