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THINGS YOU SHOULD KNOW ABOUT EXEMPT INCOME

What does it mean to be exempt from debt collection?
Under state and federal law, certain kinds of income and property are classified as exempt from debt collection. A creditor or debt collector cannot force you to use exempt income or property to pay a debt. Also: If you are a New York Resident You Need To Know The Following:

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**************BREAKING NEWS*************
Governor Paterson signed the Exempt Income Protection Act (S6302B/A8527A) into law September 26, 2008!

Starting January 1, 2009, your bank account cannot be frozen if the balance is less than:

$2,500 - if your account contains directly deposited exempt benefits, including Social Security, SSI, disability, pensions, child support, spousal maintenance, workers compensation, unemployment, Public Assistance, etc. or: $1,716 - all other accounts.
The old law will remain in effect until December 31, 2008. If you have a frozen bank account right now, the new law will not automatically unfreeze your account on January 1. If you want to unfreeze your account, you must take specific action. Please refer to Frozen Bank Accounts to learn how to unfreeze your account.

UPDATE::A RECENT NEW LAW protects your exempt funds from attempts of attachment as banks are on notice that these funds are exempt, however, if the funds are not direct deposited the funds could still be mistakenly frozen.

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NOTE: There Is No Upfront Fee For This Program--The Fee Comes From The Recovery.
To Enroll Call 877-766-2465, and Tell The Counselor You Would Like More Information on The FDCPA Program.

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This program will insure that your rights are protected, by having an Attorney as well as excellent customer service proactively assisting you
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This program has no enrollment fee can be added to any program you are currently in.
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More On Exempt Income--THE FOLLOWING APPLIES TO ALL STATES:
What does it mean to be exempt from debt collection?

Under state and federal law, certain kinds of income and property are classified as exempt from debt collection. A creditor or debt collector cannot force you to use exempt income or property to pay a debt.

What kinds of benefits are exempt from debt collection?
Public Assistance (PA)
Supplemental Security Income (SSI)
Social Security
Social Security Disability (SSD)
Veterans benefits (VA)
Child Support
Spousal Maintenance
Workers Compensation
Unemployment Insurance
Railroad Retirement benefits
Black Lung benefits

What kinds of retirement funds are exempt from debt collection?
Public and private pensions.
Retirement saving accounts like 401(k), 403(b), and Individual Retirement Accounts (IRA)
All of the principal and 90% of the payments from a private trust

How much earned income is exempt from debt collection?
If you receive PA or SSI, all of your earned income is exempt from debt collection. Earned income up to 30 times the federal minimum wage per week, after taxes, is exempt. The federal minimum wage is currently $6.55 an hour. If you take home $196.50 per week or less, all of your earned income is exempt from debt collection.

If you take home more than $196.50 per week, 90% of your gross income or 75% of your disposable income, whichever is greater, is exempt from debt collection.

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