But, if you owe money to creditors, some of those that you owe may be able to garnish (seize) it right away. Which ones can get it and which cannot?
Who cannot get the money? Someone you owe for child support, and tax debts owed to the IRS.
Who can get the money and seize your bank account once the money comes in? Anyone else you owe, called “private debts”. So if there’s a lawsuit against you for unpaid credit card, medical debt, or damages from a car accident, these creditors can freeze your bank account and take the money.
The COVID-19 pandemic has damaged the economy, leaving many families and business owners worried about how they will pay for even the most basic expenses. In the midst of this crisis, you might be considering filing for bankruptcy or wondering how COVID-19 will affect an existing bankruptcy filing.
Chicago Bankruptcy Law Firm of Daniel J. Winter