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If I open a savings account for my kids, will my bill collectors be able to take that money?

More specifically my student loans collectors. They are already garnishing my paychecks.

 
Anonymous

Asked by Anonymous at 6:16 PM on Jan. 8, 2011 in Money & Work

This question is closed.
Answers (10)
  • If they are garnishing wages doesn't that mean she *is* paying on them? Can she not pay off her loans and save for her kids, so they don't end up in the same situation, at the same time? We have no idea how old her kids are. She could be running out of time to get this started. She asked a simple question. Can they take money from her kids account. She didn't ask anyone if she should save the money or not. I assume that choice is made. The simple answer to the OP actual question is , yes. If your name is on it it is considered 'your' money. I really hope I don't get voted down for this because I don't mean it in a bad way. It's just that so many times we get so distracted by our own opinions that we forget to answer the the question at hand.
    Anonymous

    Answer by Anonymous at 9:43 AM on Jan. 9, 2011

  • If you have money to put aside in a savings acct, perhaps you should be paying down your student loan FIRST.

    Anonymous

    Answer by Anonymous at 6:19 PM on Jan. 8, 2011

  • Did you borrow the money for your education? Who is suppose to take care of this loan if you are not going to? Maybe it is insured by the taxpayers. Then I guess we all will take care of your bill.
    tootoobusy

    Answer by tootoobusy at 8:49 PM on Jan. 8, 2011

  • I would put the money toasted the loan but I am responsible.
    Anonymous

    Answer by Anonymous at 10:57 PM on Jan. 8, 2011

  • If your name is anywhere on the account they can take it. Make sure it is in their name. If it needs an adult on the account then see if a family member can assist you with that.
    But_Mommie

    Answer by But_Mommie at 6:22 PM on Jan. 8, 2011

  • You have bill collectors garnishing your paychecks. I'd be doing whatever I could to get the bill collectors off my back. Are you paying ANYTHING to the loans AT ALL?

    Anonymous

    Answer by Anonymous at 6:26 PM on Jan. 8, 2011

  • I see why you would want to do this for your kids so that they have some money when they're older, but you really need to concentrate on getting your loans paid off first. When they're paid off, THEN start putting the money away for them. If anything, you can give them an allowance and have them put the money in a piggy bank or something that can't be opened without a key or code.
    _Tam_

    Answer by _Tam_ at 1:16 AM on Jan. 9, 2011

  • As long as the acct. is in their names the answer is no. They can't touch it.
    Kathy675

    Answer by Kathy675 at 6:18 PM on Jan. 8, 2011

  • Everyone says to put your kids first so that's what I'm doing. There is no way I'm going to pay down $25,000 anytime soon. I think putting away $20/month for my kids in case of emergency would be more helpful.
    Anonymous

    Comment by Anonymous (original poster) at 6:23 PM on Jan. 8, 2011

  • Yes you can put money in your kids savings account. BUT if you get taken to court over this and they see that you've been putting money in their accounts, you/your kids could get those accounts wiped out.

    I'm not sure where you're getting your financial advice from- but I personally think it is bad advice. You need to take care of yourself first so that you can better take care of your kids. So if you can pay off this student loan, build an emergency fund- suddenly you'd have money to put aside for yourself and for them. But if all you ever do is worry about them then you'll miss out on paying off your debt (something your estate will have to do) and saving for your retirement (something your children will have to pay for?)
    Erica_Smerica

    Answer by Erica_Smerica at 4:00 PM on Jan. 9, 2011

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