Changes to Rules Affecting the Garnishment of Accounts Containing Federal Benefit Payments

By John B. C. Porter, Partner  The Department of the Treasury, the Social Security Administration, the Department of Veterans Affairs, the Railroad Retirement Board and the Office of Personnel Management (“Agencies”) published a proposed rule on April 19, 2010, to address concerns related to the garnishment of certain exempt Federal benefit payments direct deposited into…

New Garnishment Worksheet

By John B. C. Porter, Esq. I created a worksheet as a guide intended to help Ohio credit unions calculate the amount to be remitted to court upon receipt of a garnishment under the new federal rules with respect to the protected amount of federal benefits. Go here for a copy of the worksheet. If…

New Garnishment Rules Update

by John B.C. Porter, Esq. As a follow-up to the previous Client Advisory on this topic, dated March 7, 2011, the Ohio personal exemption of $425 is in addition to the protected amount, if any, calculated over the lookback period.  Using the same example in the earlier advisory: An Ohio financial institution receives a garnishment…

New Garnishment Rules.

By John B.C. Porter Effective May 1, 2011, financial institutions will have to do much more by way of analysis when in receipt of garnishment orders than simply forwarding all but $425 to the court. The Department of the Treasury recently released its interim final rule to implement statutory restrictions on the garnishment of Federal…

Significant Changes to Garnishment Proceedings in Ohio – Senate Bill 281 Becomes Law On September 30, 2008

The following is an article reprinted with permission from the upcoming Summer 2008 edition of The WWR Letter:  Significant Changes to Garnishment Proceedings in Ohio- Senate Bill 281 Becomes Law on September 30, 2008 By: Joe DeGiorgio, Esquire On June 27, 2008, Ohio Governor Ted Strickland signed Ohio Senate Bill 281 (“SB 281”), which will become law in Ohio…