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The cause of action of an account stated is based on principles of contract law. There must be an express or implied agreement between the creditor and debtor that the debtor owes the amount set forth in the account.
Pennsylvania has strong protections for consumers against garnishment ? in fact, 100% of wages or salary are exempt from garnishment. In addition, Pennsylvania has broad exemptions for things like pensions or retirement benefits, worker's compensation, unemployment benefits, and usually life insurance benefits.
To repeat, spousal joint accounts are protected from garnishments unless the creditor is able to obtain a judgment against both spouses. On the other hand, a joint account with someone who is not your spouse can be garnished (only after a judgment is entered).
PENNSYLVANIA LAWS FOR FREEZING BANK ACCOUNTS First, the creditor must obtain a money judgment. After the judgment is obtained, the creditor must find a bank account that is in the name of the debtor. Once an account is located, the attorney must file and serve a Writ of Execution on the bank.
Some sources of income are considered protected in account garnishment, including: Social Security, and other government benefits or payments. Funds received for child support or alimony (spousal support) Workers' compensation payments.
There are four ways to open a bank account that no creditor can touch: (1) use an exempt bank account, (2) establish a bank account in a state that prohibits garnishments, (3) open an offshore bank account, or (4) maintain a wage or government benefits account.
Another benefit of a joint account is that on an owner's death, the account passes automatically to the co-owner ? no estate administration is required for the co-owner to get the money.