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Garnishment of Paypal funds?

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  • #1

    Garnishment of Paypal funds?

    Due creditor debts that have caused my last bank account to be frozen, I was wondering about the above question.

    I had recently signed up for an online account and I am currently involved in a few legitimate online income streams.

    My concern is that my debtors will catch wind of my online accounts and then pounce on me immediately. *It is not that I am not willing to pay back my old debts, it is just that I am unable to at this time, because I am currently, well, in debt. When I get to the point where I am generating a consistent level of income, then I will have no problem with dealing with the issue.

    So, more importantly what I would like to know is this, has anyone here dealt with or dealing with the same issue that I have? If you are or you had, please share your experience. Because, speaking to a representative from any banking institution is likely to record my conversation. And by doing so, have more evidence me to give me more of a hard time than I would like to deal with.

    Thanks in advance to any readers and responders to this post. I appreciate it. Take Care!!
    Last edited by jeffrey; 02-22-2010, 10:45 PM. Reason: forum rules
    Tags: None
  • #2
    Don't know what sort of business you have but maybe you could
    insist on the old fashioned money order payments only and quickly
    cash them.

    Maybe that would be a solution. Credit card only transactions - don't know how that would work.

    If the creditors sue you and take you to court you are supposed
    to list all assets and income, most certainly the types that leave a paper or electronic trail.

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    • #3
      If one of your creditors has obtained a judgment, they can come after anything that has your name attached to it. An online Paypal account might be harder to find, but I assume your SSN is linked to the account. So, it can certainly be found.
      Rock climber, ultrarunner, and credit expert at Creditnet.com

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      • #4
        I don't think they can take every source of income. You have to be able to eat.
        My husband used to have a garnishement and they could only take 10% by law. It was written in the court papers. We live in Ny

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        • #5
          Here's a website with a bit of info, state by state.

          State wage garnishment and attachment rules
          "There is some ontological doubt as to whether it may even be possible in principle to nail down these things in the universe we're given to study." --text msg from my kid

          "It is easier to build strong children than to repair broken men." --Frederick Douglass

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          • #6
            That website is very interesting. Before I remarried, a company came after me and took all but $200 out of a $2500 check. I was the head of the household with 3 little girls.

            It wasn't even my debt--it was my ex husbands that he ran up AFTER we were legally divorced. I got a letter of explanation in my paycheck as all the legal stuff had been mailed to him. It took my attorney 2 paycycles to get it fixed.

            Wonder if this law went into effect after this happened, or if they did it illegally.

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