Wish I knew this when I had cancer surgery. The hospital told me they would work with me to pay what insurance didn't cover. I was sending money every month. I sold my frontroom furniture and other items to pay what I could. Because I couldn't send $100 every month they sent me to a collection agency. Now they only got $5 a month. It would have been paid off sooner if they accepted what I could pay. Thank you for this information. It will help if I get into another situation like that.
We joined HELPS 3 months ago. We are so happy that we found Eric. Happen to find Eric while researching bankruptcy videos for seniors. Thank you HELPS 🙏
I thought your SS was safe and debt collectors couldn't take it. But now you're saying if you have a garnishment filed against you, they can take anything over twice your monthly SS deposit. So, if you get $2k a month from SS, but you've been able to save $6500, for example, they can take anything over $4k from you, so they can take $2500 from you? So, I guess you shouldn't save money in your bank.
Maybe I wasn't clear. Twice the amount is protected by your bank automatically. Anything over that is still protected just not automatically. You would have to file a challenge to garnishment or claim of exemption papers, and the court would order the money released. You could prevent needing to do that by keeping the amount in your account less than twice the amount of SS. Eric HELPS
Consumer credit is not a federal program like medicaid or food stamps that if you are a dollar over you lose everything. . you can put money on a gift card or cashiers ck . There are ways around that., Highly unlikely they would take your money, call Eric from Helps
If the 6500 came from your SS check or pension they can't touch it. It's ONLY money you got from other sources, like maybe selling property or some such.
Great information! Working as a Seniors Real Estate Specialist I come across so many situations where seniors need help. It's comforting that there are so many more resources available now, than ever!
im 58 and on ssi am i considered a senior and am i protected ? i was struggling so i had to quit paying my credit cards. my house is worth $14000 i need help filing bankruptsy
I was sued and judgement said they would garnish my bank account but I called my bank and they said they would not comply because all of my money is from SS and pensions - whew1
Thank you for your videos. Extenely informattional. Q/A. What if collector refuses to give address, phone number, and never sent a 5 day letter and lied who they are. Collector told me I frauded the loan company not oaying wee I paid all payments except the last one. My rights were denied by not giving me the opportunity to do a cease and decese letter or my 30 day respond.
Set off of SS for student loans is stayed until October and may be extended. And for many lower-income seniors they can qualify for an income based repayment plan and pay zero per month for a past due student loan. Eric HELPS
I'm 68 and keep my digital dollars accounts low as needed coz any agency can suck those digits and you never know. There's something to having those dollars safe someplace other than on that account... crazy but true guys ...
If your only income is SS then there is no tax. If you have lower income and owe the IRS you can qualify for currently not collectible status with the IRS. HELPS has videos with Senior Living on this topic on this channel. Eric HELPS
I cared for my severely disabled daughter for 25 years before she died. We received government assistance payments each month. About 2 years after she died, I received a letter stating they had overpaid us aprx $4000.00. And we have to pay it back. Is there any way we dont have to pay this ? I am living on ss. Thanks.
If it was paid from a non-federal government then no it doesn't need to be paid back and your Social Security can be touched. If it is a from federal source which I highly doubt then there is a possibility for a problem. You can call HELPS with your questions. Eric HELPS
This was very in lighting. I'm 77 years of age. I purchased ADT security for my home. I chose to pay for this service with my Visa card. There were hidden fees and I have been charged for services that can not be explained. My bank advised that I pay the amount charged on my Visa to keep my credit. The bank told me there is nothing they can do because this was a service and not the purchase of a item. What can I do?
This video is about financial tips for seniors. Specifically, the video discusses the following: * The types of retirement income that are protected from garnishment by federal and state law. * How banks are required to automatically protect a certain amount of Social Security and other federal benefits from garnishment. * How seniors can stop harassment from debt collectors by sending a cease and desist letter. * What seniors need to know if they are sued for an unpaid debt. * How seniors can protect their property from being taken away by creditors. * How seniors can stop paying for a secured loan and still keep the item. * How seniors should not feel guilty if they are struggling financially. * How the helps nonprofit Law Firm can help seniors who are struggling with debt.
My credit is not good and I owe unsecured loans I’m 60 y.o. I own my home and really don’t need good credit, can I stop making payments I really can’t afford to pay and also will they go to my house trying to collect.
It is not the practice of consumer judgment creditors to take steps to take a person's home if they sue and get a judgment and you have equity over your state's exemption laws. Eric HELPS
QUESTION 01: Cannot Medicaid take the SS and pension in the name of the person who has to go into a care center to pay for their costs of living there (in Michigan)? QUESTION 02 Would you do a program regarding condo communities in Michigan having to follow the ADA (and other pertinent agencies) disability laws etc. I live in a condo (with four condo units and a common entrance/exit area per building.) Our HOA board does not seem to think they have to allow for the disabled person needs and accommodations.
Q 1. What about State and City govn Pension. Ex in FL its FL Retirement System (FRS). I am assuming it's protected too. Because it's a govn pension. Can I have Double thart in my Saving too? Q2. What happens if you sale or own a 2nd home? With small mortgage. 3. In FL we have Homestead Exemption if your a full time resident. Mostly concern about Q 1 and 2.
There is currently a stay on set off of 15% of Social Security for past-due student loans until October. Lower income seniors will be able to qualify for an income based payment and often pay zero on past due student loans. Eric HELPS
You are not a senior citizen probably but the law protects your pension benefits from collectors. You don't have to be a certain age to have your income protected. It is based on the source of your income. Eric HELPS
I am always fascinated when I watch one of your videos. Medicaid for some reason drops seniors, then Medicare takes part of their social security for medical expenses. This goes on for months. How do we stop Medicaid from harassing us with all these different forms that need to be filled out.? If we're allowed to have a certain amount of earned income per month, why does Medicaid drop us on our heads and then Medicare take away our resources to pay Medicaid? What's happening here?
I relocated to a beach community outside the US for a more affordable retirement option, and have been able to save substantially over what my expenses were in California. My foreign bank does report my account to the US government, and I currently have nearly 10x what my Social Security check is, most in there to meet Retirement Visa requirements. All the savings comes from my Social Security checks. Is everything still protected? Thank you.
I have 2 accounts at 2 different banks.1 for my Social Security, and 1 for wages I earn as a School Bus Driver. Are the wages covered the same as Social Security? BTW, I'm 74.
But if they repossess your car don’t they sell it at auction and then ( in theory at least) you still owe the difference between the loan amount and what they got for the car at auction? And they can sue you for that?
Seniors with lower or modest income can often qualify for currently not collectible status with the IRS. There are videos on this on this channel with HELPS
What happens if seniors don't have any mortgage or other loan debt, but can no longer afford to pay property tax. Can the local tax authorities force you to sell your home to pay back tax or can they kick you out of your house?
Aren’t the lawsuits where credit card companies sue someone generally done to a large group of people all at the same time? So, the lawyers are presenting a big group of lawsuits at the same time in court not only yours as an individual.
I suspect that my mom's large privately owned apartment complex signed a contract to receive private equity guidance and funding. The complex fits the candidacy model for take-over which means her eviction as the rent will skyrocket. What are the signs and how do I find out if PE is involved? She's on SS and has been in the same rent-controlled apartment 14 years. No other options.
SSI is a form of Social Security and, as explained, is protected from debt collectors, including in the bank account into which it is deposited. Listen to the video again where it is clearly explained.
As usual, the GOVERNMENT, IRS, will collect what you owe them. Even if it's a mistake, they will take a portion of your money out of your account even if it's only an SSA check! I've seen this happen, whereas a person is 78 years old, and the IRS sees that they still owe college student loans; even though you never attended college, and take part of your SSA income! That's our government! There are 2 things that most of us have to endure eventually, which is taxes and death.
Actually lower income seniors who owe taxes can get on currently not collectible status with the IRS and pay nothing. Also it is not all that common for the IRS to offset 15% of SS. I think the computer tells them what a seniors minimal SS is and it is not sent to undertake an offset. So your statement is in most part not true. Eric HELPS attorney 45 years.
My understanding iwas that senior accounts were protected only up to $2000 in their account and that was only if they had their check deposited automatically each month.
It is true that federal agencies like the SBA can offset 15% of SS for a past due debt. It doesn't happen regularly but can occur. Unlike for IRS debt and student loan debt there is no procedure in place to have that prevented or stopped. However a person could file bankruptcy, eliminate the debt and stop any future garnishment of 15% of SS. Eric HELPS
Yes but the state can take your estate after your dead, to pay for any medical bills the state may have helped out with while you were alive. Sucks to grow old.
I'M IN TENNESSEE AND I OWE MULTIPLE CREDIT CARD DEBTS TOTALING ABOUT 20 K DOLLARS. PAYING THESE PAYMENTS IS A HARDSHIP TO ME. I'VE BEEN THINKING OF STOPPING THESE MONTHLY PAYMENTS ON THE CARDS. I AM ON A HOME DEED WITH MY WIFE AND DAUGHTERS, I AM ON A CAR LOAN WITH MY WIFE, AND I OUTRIGHT OWN AN OLD TRUCK. CAN THESE CARD COMPANIES HARM ME OR MY FAMILY?
If your income is Social Security or other retirement it is protected. If you are buying a home jointly with wife and children with survivorship rights then if sued a judgment could be a lien against your home. But they can't take it and when you pass the lien goes away. Same with the car and the old truck wont be an issue. Eric HELPS
I am NOT an expert on this. But, I think he said, “The government can garnish up to 15% of your Social Security retirement or disability benefits (So this would apply if you default on federal student loans). However, I read they must leave you with at least $750 in monthly benefits.
Not true. Would bet you are not a senior struggling with minimal income. Seniors do not intentionally get into financial problems. Life puts them there. I speak from 45 years experience and around 40,000 bankruptcies as an attorney helping lower income and poor seniors. Eric HELPS
Wish I knew this when I had cancer surgery. The hospital told me they would work with me to pay what insurance didn't cover. I was sending money every month. I sold my frontroom furniture and other items to pay what I could. Because I couldn't send $100 every month they sent me to a collection agency. Now they only got $5 a month. It would have been paid off sooner if they accepted what I could pay. Thank you for this information. It will help if I get into another situation like that.
We joined HELPS 3 months ago. We are so happy that we found Eric. Happen to find Eric while researching bankruptcy videos for seniors. Thank you HELPS 🙏
Awesome! Thank you!
This is why you should ALWAYS pay off your house! At least you won't have to sleep under a freeway overpass.
Thanks for sharing today
Thank you for sharing this 🙂
Thank you
Very helpful. Thank you guys!
Thank you, thank you, thank you! I was SO worried that my social security income could be garnished.
Thank you and I need help
Excellent video. I'm now subscribed, and notified!
Thanks!
I thought your SS was safe and debt collectors couldn't take it. But now you're saying if you have a garnishment filed against you, they can take anything over twice your monthly SS deposit. So, if you get $2k a month from SS, but you've been able to save $6500, for example, they can take anything over $4k from you, so they can take $2500 from you? So, I guess you shouldn't save money in your bank.
Maybe I wasn't clear. Twice the amount is protected by your bank automatically. Anything over that is still protected just not automatically. You would have to file a challenge to garnishment or claim of exemption papers, and the court would order the money released. You could prevent needing to do that by keeping the amount in your account less than twice the amount of SS. Eric HELPS
Consumer credit is not a federal program like medicaid or food stamps that if you are a dollar over you lose everything. . you can put money on a gift card or cashiers ck . There are ways around that., Highly unlikely they would take your money, call Eric from Helps
If the 6500 came from your SS check or pension they can't touch it. It's ONLY money you got from other sources, like maybe selling property or some such.
@@glasslinger Thank you. That's what I thought, but the video confused me. Thank you for clarifying.
Twice the amount of SS is protected automatically by your bank Any excess is also protected just not automatically listen to the video Eric HELPS
All good and dandy till they shut the bank down. Then there's no place to Deposit or cash a check
FDIC is federal insurance protecting deposits in banks up to $250k
Thanks for your videos and for the help that yall do 😊
Great information! Working as a Seniors Real Estate Specialist I come across so many situations where seniors need help. It's comforting that there are so many more resources available now, than ever!
I’m glad to be fortunate enough to get to know their name and looked it up online.
*You also need to look their name up to see their website.*
im 58 and on ssi am i considered a senior and am i protected ? i was struggling so i had to quit paying my credit cards. my house is worth $14000 i need help filing bankruptsy
I was sued and judgement said they would garnish my bank account but I called my bank and they said they would not comply because all of my money is from SS and pensions - whew1
That's what we're talking about. Glad it worked out for you.
Thank you for your videos. Extenely informattional. Q/A. What if collector refuses to give address, phone number, and never sent a 5 day letter and lied who they are. Collector told me I frauded the loan company not oaying wee I paid all payments except the last one. My rights were denied by not giving me the opportunity to do a cease and decese letter or my 30 day respond.
Thank You! Great information every retired person needs to know!
Defaulting on a federal student loan will lead to social security benefits being garnished as well. I believe they can take up to 15%.
Set off of SS for student loans is stayed until October and may be extended. And for many lower-income seniors they can qualify for an income based repayment plan and pay zero per month for a past due student loan. Eric HELPS
I'm 68 and keep my digital dollars accounts low as needed coz any agency can suck those digits and you never know. There's something to having those dollars safe someplace other than on that account... crazy but true guys ...
I’m glad to be fortunate enough to get to know their name and looked it up online.
*You also need to look their name up to see their website.*
What about the IRS? If I can't pay income tax on my social security, will the IRS seize my social security?
If your only income is SS then there is no tax. If you have lower income and owe the IRS you can qualify for currently not collectible status with the IRS. HELPS has videos with Senior Living on this topic on this channel. Eric HELPS
I’m glad to be fortunate enough to get to know their name and looked it up online.
*You also need to look their name up to see their website.*
I cared for my severely disabled daughter for 25 years before she died. We received government assistance payments each month. About 2 years after she died, I received a letter stating they had overpaid us aprx $4000.00. And we have to pay it back. Is there any way we dont have to pay this ? I am living on ss. Thanks.
If it was paid from a non-federal government then no it doesn't need to be paid back and your Social Security can be touched. If it is a from federal source which I highly doubt then there is a possibility for a problem. You can call HELPS with your questions. Eric HELPS
I’m glad to be fortunate enough to get to know their name and looked it up online.
*You also need to look their name up to see their website.*
Good stuff
This was very in lighting. I'm 77 years of age. I purchased ADT security for my home. I chose to pay for this service with my Visa card. There were hidden fees and I have been charged for services that can not be explained. My bank advised that I pay the amount charged on my Visa to keep my credit. The bank told me there is nothing they can do because this was a service and not the purchase of a item. What can I do?
I’m glad to be fortunate enough to get to know their name and looked it up online.
*You also need to look their name up to see their website.*
Omg I’m so glad I watched this !
Hope we could help!
This video is about financial tips for seniors.
Specifically, the video discusses the following:
* The types of retirement income that are protected from garnishment by federal and state law.
* How banks are required to automatically protect a certain amount of Social Security and other federal benefits from garnishment.
* How seniors can stop harassment from debt collectors by sending a cease and desist letter.
* What seniors need to know if they are sued for an unpaid debt.
* How seniors can protect their property from being taken away by creditors.
* How seniors can stop paying for a secured loan and still keep the item.
* How seniors should not feel guilty if they are struggling financially.
* How the helps nonprofit Law Firm can help seniors who are struggling with debt.
My credit is not good and I owe unsecured loans I’m 60 y.o. I own my home and really don’t need good credit, can I stop making payments I really can’t afford to pay and also will they go to my house trying to collect.
It is not the practice of consumer judgment creditors to take steps to take a person's home if they sue and get a judgment and you have equity over your state's exemption laws. Eric HELPS
QUESTION 01: Cannot Medicaid take the SS and pension in the name of the person who has to go into a care center to pay for their costs of living there (in Michigan)? QUESTION 02 Would you do a program regarding condo communities in Michigan having to follow the ADA (and other pertinent agencies) disability laws etc. I live in a condo (with four condo units and a common entrance/exit area per building.) Our HOA board does not seem to think they have to allow for the disabled person needs and accommodations.
Q 1 yes that is true. Q2 Here is a link that might help www.ada.gov/file-a-complaint/
Great video! Thanks.
You're very welcome!
Q 1. What about State and City govn Pension. Ex in FL its FL Retirement System (FRS). I am assuming it's protected too. Because it's a govn pension. Can I have Double thart in my Saving too?
Q2. What happens if you sale or own a 2nd home? With small mortgage.
3. In FL we have Homestead Exemption if your a full time resident.
Mostly concern about Q 1 and 2.
I’m glad to be fortunate enough to get to know their name and looked it up online.
*You also need to look their name up to see their website.*
Can your Social Security be garnished for past due student loans?
There is currently a stay on set off of 15% of Social Security for past-due student loans until October. Lower income seniors will be able to qualify for an income based payment and often pay zero on past due student loans. Eric HELPS
I’m glad to be fortunate enough to get to know their name and looked it up online.
*You also need to look their name up to see their website.*
If I’m 59 and retired and getting a pension benefit, I’m I considered a senior citizen?
You are not a senior citizen probably but the law protects your pension benefits from collectors. You don't have to be a certain age to have your income protected. It is based on the source of your income. Eric HELPS
I am always fascinated when I watch one of your videos.
Medicaid for some reason drops seniors, then Medicare takes part of their social security for medical expenses. This goes on for months. How do we stop Medicaid from harassing us with all these different forms that need to be filled out.?
If we're allowed to have a certain amount of earned income per month, why does Medicaid drop us on our heads and then Medicare take away our resources to pay Medicaid? What's happening here?
I’m glad to be fortunate enough to get to know their name and looked it up online.
*You also need to look their name up to see their website.*
I relocated to a beach community outside the US for a more affordable retirement option, and have been able to save substantially over what my expenses were in California.
My foreign bank does report my account to the US government, and I currently have nearly 10x what my Social Security check is, most in there to meet Retirement Visa requirements. All the savings comes from
my Social Security checks. Is everything still protected? Thank you.
I’m glad to be fortunate enough to get to know their name and looked it up online.
*You also need to look their name up to see their website.*
Shared with my FB group of 17k members.
Thank you for sharing!
I have 2 accounts at 2 different banks.1 for my Social Security, and 1 for wages I earn as a School Bus Driver. Are the wages covered the same as Social Security? BTW, I'm 74.
Nope. The wages once deposited could possibly be garnished. Listen to the video again. Eric HELPS
I’m glad to be fortunate enough to get to know their name and looked it up online.
*You also need to look their name up to see their website.*
Americorps stipend can not be garnished either.
What states are covered in this
all 50 Eric HELPS
But if they repossess your car don’t they sell it at auction and then ( in theory at least) you still owe the difference between the loan amount and what they got for the car at auction? And they can sue you for that?
Correct but as explained your SS and other retirement income is protected Eric HELPS
I’m glad to be fortunate enough to get to know their name and looked it up online.
*You also need to look their name up to see their website.*
Is there anyway help how can negotiate payment from IRS
Seniors with lower or modest income can often qualify for currently not collectible status with the IRS. There are videos on this on this channel with HELPS
What happens if seniors don't have any mortgage or other loan debt, but can no longer afford to pay property tax. Can the local tax authorities force you to sell your home to pay back tax or can they kick you out of your house?
Yes.
You can apply for tax deferred payments in some states.
Look into your County fundung. My County has a program under Community Development that helps pay property taxes on your main homesteaded property.
Aren’t the lawsuits where credit card companies sue someone generally done to a large group of people all at the same time? So, the lawyers are presenting a big group of lawsuits at the same time in court not only yours as an individual.
No persons are sued individually. They may file lawsuits in a batch but each case is individual and separate from another case. Eric HELPS
Are “Interest Loans” legal ? Can I call you to discuss?
All loans charge interest and are legal Eric HELPS
I’m glad to be fortunate enough to get to know their name and looked it up online.
*You also need to look their name up to see their website.*
Digital dollars are easy to steal from your account.
I put my savings on reloadable debit cards.
Florida your home is totally protected.
I suspect that my mom's large privately owned apartment complex signed a contract to receive private equity guidance and funding. The complex fits the candidacy model for take-over which means her eviction as the rent will skyrocket. What are the signs and how do I find out if PE is involved? She's on SS and has been in the same rent-controlled apartment 14 years. No other options.
I’m glad to be fortunate enough to get to know their name and looked it up online.
*You also need to look their name up to see their website.*
What about SSI disablity can thay take it and go into a checking or saveing to get ??? Can thay sue me and try to get my SSI ???
SSI is a form of Social Security and, as explained, is protected from debt collectors, including in the bank account into which it is deposited. Listen to the video again where it is clearly explained.
I’m glad to be fortunate enough to get to know their name and looked it up online.
*You also need to look their name up to see their website.*
Are there certain states that are not covered by these laws
The laws we discussed are federal laws applicable to all states. States often have laws that expand the protections given by federal law. Eric HELPS
As usual, the GOVERNMENT, IRS, will collect what you owe them. Even if it's a mistake, they will take a portion of your money out of your account even if it's only an SSA check! I've seen this happen, whereas a person is 78 years old, and the IRS sees that they still owe college student loans; even though you never attended college, and take part of your SSA income! That's our government! There are 2 things that most of us have to endure eventually, which is taxes and death.
Actually lower income seniors who owe taxes can get on currently not collectible status with the IRS and pay nothing. Also it is not all that common for the IRS to offset 15% of SS. I think the computer tells them what a seniors minimal SS is and it is not sent to undertake an offset. So your statement is in most part not true. Eric HELPS attorney 45 years.
In Alabama, are seniors protected?
Yes
My understanding iwas that senior accounts were protected only up to $2000 in their account and that was only if they had their check deposited automatically each month.
No, twice the amount of federal benefits received each month. So $1500 per month $3000 is protected. etc. Eric HELPS
I’m glad to be fortunate enough to get to know their name and looked it up online.
*You also need to look their name up to see their website.*
And of course I have a safe with a little quick cash
That's a lot harder to steal! Smart!
Small Business Administration can garnish Social Security for defaulted loans also
It is true that federal agencies like the SBA can offset 15% of SS for a past due debt. It doesn't happen regularly but can occur. Unlike for IRS debt and student loan debt there is no procedure in place to have that prevented or stopped. However a person could file bankruptcy, eliminate the debt and stop any future garnishment of 15% of SS. Eric HELPS
Yes but the state can take your estate after your dead, to pay for any medical bills the state may have helped out with while you were alive. Sucks to grow old.
I’m glad to be fortunate enough to get to know their name and looked it up online.
*You also need to look their name up to see their website.*
I'M IN TENNESSEE AND I OWE MULTIPLE CREDIT CARD DEBTS TOTALING ABOUT 20 K DOLLARS. PAYING THESE PAYMENTS IS A HARDSHIP TO ME. I'VE BEEN THINKING OF STOPPING THESE MONTHLY PAYMENTS ON THE CARDS. I AM ON A HOME DEED WITH MY WIFE AND DAUGHTERS, I AM ON A CAR LOAN WITH MY WIFE, AND I OUTRIGHT OWN AN OLD TRUCK. CAN THESE CARD COMPANIES HARM ME OR MY FAMILY?
If your income is Social Security or other retirement it is protected. If you are buying a home jointly with wife and children with survivorship rights then if sued a judgment could be a lien against your home. But they can't take it and when you pass the lien goes away. Same with the car and the old truck wont be an issue. Eric HELPS
I’m glad to be fortunate enough to get to know their name and looked it up online.
*You also need to look their name up to see their website.*
Wells Fargo my bank let garnishment of my auto pensions deposit for A STUDENT LOANS by a debt collector. It was way under the twice monthly.
I am NOT an expert on this. But, I think he said, “The government can garnish up to 15% of your Social Security retirement or disability benefits (So this would apply if you default on federal student loans). However, I read they must leave you with at least $750 in monthly benefits.
I just realized that you said this is a pension, not social security. So it may be different rules.
Difficult to understand exactly what you are saying. Eric HELPS
I’m glad to be fortunate enough to get to know their name and looked it up online.
*You also need to look their name up to see their website.*
Seniors are very dishonest when it comes to bills.
Not true. Would bet you are not a senior struggling with minimal income. Seniors do not intentionally get into financial problems. Life puts them there. I speak from 45 years experience and around 40,000 bankruptcies as an attorney helping lower income and poor seniors. Eric HELPS
Sounds like old information.
Whats old info for some is brand new for others. :)
Talk about anything other than money… Sheesh!
He's not a romance scam counselor, If you're solvent, fine. Many of us have money problems now.
I’m glad to be fortunate enough to get to know their name and looked it up online.
*You also need to look their name up to see their website.*
Thank you.
You're welcome!