If UBI is garnishable/attachable, credit card companies could simply wait to get paid from a slice of future UBI payments, meaning there might be increased risk of over-extension.
(I haven't thought deeply enough about whether it should or shouldn't be garnishable. I lean towards the idea that it shouldn't, but then that makes it less valuable in certain ways.)
> Another rule is that they cannot take more than the excess of your earnings over 30 times the federal minimum hourly wage (currently $7.25 per hour). That means $217.50 per week (30 X $7.25) is safe from any garnishment at all.
307.2552 = $11,310
You are largely immune to garnishment on a $12k/year UBI (for instance) under existing law. Bankruptcy would likely remove any garnishment if you only had UBI. I'm not a lawyer but the impression I have is pretty much under $20k, very little garnishment will occur due to:
A) Costs of recovery
B) The bankruptcy process favors the poor person declaring bankruptcy in terms of who walks away with "more".
I highly suspect the current floor on how much of your wages can be garnished would be kept equal to UBI and no one extends substantial credit to people on UBI for that reason.
(I haven't thought deeply enough about whether it should or shouldn't be garnishable. I lean towards the idea that it shouldn't, but then that makes it less valuable in certain ways.)