Your Economic Impact Payment is Not Exempt From Debt Collection
Your Economic Impact Payment is not exempt from debt collection. If a creditor sues you and gets a judgment, they can garnish your bank account and take your economic impact payment. A creditor cannot garnish your bank account until they have obtained a judgment against you. So please do not wait until you are sued to address your financial situation. If you file for bankruptcy there is an automatic stay that goes into effect. That means your creditor cannot call you, write you, sue you, or garnish you. Everything has to stop.
The above information is a general overview and is not intended to be used as legal advice. If you are considering filing for bankruptcy, the best thing to do is call our office at 248-557-3645 and schedule a free consultation so you can receive advice which is tailored to your specific circumstances.
By:Michael Benkstein, Esq.
Managing Attorney, Bankruptcy Department
The Law Offices of Joumana Kayrouz, PLLC
1000 Town Center
Southfield, MI 48075