On September 26, 2008, New York Governor David Paterson signed into law the Exempt Income Protection Act Chapter 575 of the Laws of New York, 2008. Effective January 1, 2009, the law sharply limits judgment creditors’ ability to restrain bank accounts containing directly deposited Social Security and other exempt funds. EIPA also prevents the first $2,500 of any account from being restrained and creates special procedures that, in most cases, will enable an account holder to have their account released without the aid of an attorney and without going to court.
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