Q: Limit on levy on account of debtor family of 4
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- California
- (916) 704-3009
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A:
In California, there are specific limits on how much a creditor can levy from your wages or bank accounts, especially when you have dependents. For wage garnishments, the state follows federal guidelines, typically allowing up to 25% of your disposable earnings or the amount by which your weekly income exceeds 30 times the federal minimum wage, whichever is less. This ensures you have enough income to support your family of four.
When it comes to bank accounts, California law provides certain exemptions to protect your essential funds. For instance, a single account holder can protect up to $1,425 in their bank account, and joint accounts have higher protection limits. These exemptions help ensure that you retain enough resources to cover basic living expenses for your family.
Additionally, California offers exemptions for other assets, such as your primary residence, personal belongings, and retirement accounts, which cannot be easily seized by creditors. It’s important to understand these protections to safeguard your family’s financial stability. Consulting with a legal professional can provide you with personalized guidance based on your specific situation.
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