Thursday, November 9, 2023 – Attorney Leahy explains how to protect your Social Security money using a special law known as 42 U.S.C. § 407. This law keeps your Social Security benefits safe from most debts and the people you owe money to.
Attorney Leahy points out that there are a few instances when this law doesn’t apply, such as if you owe child support or taxes. He explains that the best way to keep your Social Security money safe is to segregate Social Security funds into a separate bank account – and don’t commingle any other funds with it.
By treating your Social Security this way, even a bankruptcy trustee can’t reach it. And, if a creditor tries to take your Social Security money, alert your bank right away and remind them of your rights.
By breaking down these steps, it is easy to understand how you can look after your Social Security benefits.
Steven A. Leahy is a tax attorney in Illinois. He was the host of the long-running popular Radio Show “The IRS Radio Hour” heard every Sunday evening on AM 560 The Answer. Attorney Leahy is also the author of the book “Deal With Your IRS Problems Today!” You can get a FREE copy of this important book at FreeIRSBook.com. Or Call 24/7 (312)664-6649
