Bank Account Seizure
Last Updated on Friday, 20 January 2012 09:49
Federal Parliament decides on a reform of Protection from Account Seizure
Berlin, 23 April 2009
The German Bundestag decided the bill on the reform of protection from account seizure today.
With the reform of the account seizure protection law, for the first time an account protected from seizure (a so-called “P-Konto”) is introduced. On this account, a debtor receives automatic basic seizure protection for his credit balance to the amount of his exemption from seizure (i. e. € 985, 15 per month for a single person without obligations to support). Here, it does not matter from which source of income this credit originates. In future the self-employed will therefore also have the benefit of protection from the seizure of their account balance. Every client can require his bank or savings bank to manage his or her account as a seizure protected account. There is a legal entitlement. However, this law will only come into effect in the middle of 2010.
Press release of the federal ministry of justice
Internet: Ministry of Justice
www.sozialleistungen.info
