The P-Konto, also known as a protected account against attachments, serves as a financial shield for those threatened by legal claims on their income. It provides a safe harbor for your income, protecting a certain amount from creditors’ access. With an exemption threshold of 1,499.99 euros starting from July 2024, it represents a valuable resource for affected individuals. The following article sheds light on how to open a P-Konto and what legal aspects must be considered to effectively protect your assets.
Establishment and Functionality: The Protection Mechanism Behind the P-Konto
Opening a protected account against attachments, abbreviated as P-Konto, is a fundamental step in shielding oneself from financial losses resulting from claims. The process begins with an application at the bank or savings bank, after which the bank must respond within four working days. It is crucial that each person can only have one P-Konto. For joint accounts, these must be converted into individual accounts to ensure protection for each individual.
A notable aspect of the conversion is the SCHUFA registration, which occurs during the transformation. This does not affect creditworthiness but ensures transparency regarding the account’s status for the banking system.
In daily use, the P-Konto offers a protection threshold, which currently amounts to 1,500 euros per month. This basic threshold can be increased through submitted certifications, for example, to demonstrate maintenance obligations. For the first family member entitled to maintenance, the threshold is increased by 561.43 euros, and for additional family members by 312.78 euros each. These protection measures allow affected persons to manage their finances without restrictions up to the established threshold amount.
Another practical aspect is the transferability of the balance: any unused balance in a month can be transferred for a maximum of three months into the future. If it is not used in the fourth month, it will be available to creditors. This regulation offers a certain flexibility in daily financial life and allows saving for larger expenses without losing the protection offered by the P-Konto.
The great strength of the P-Konto lies in its protection mechanism. Even if there are already attachments on a regular account, the protection applies retroactively for four weeks from the day of conversion to P-Konto. This protection mechanism ensures the subsistence minimum of the affected person, safeguarding a certain part of their income from claims, regardless of the creditors’ rights to garnishment. These legal bases are established in § 850k ZPO and ensure that the basic needs of every debtor are protected.
The P-Konto is not just a financial tool, but an indispensable measure for ensuring existence during difficult times. In case of uncertainties or complications regarding garnishment, it is advisable to seek professional legal advice to make the most of all possibilities.
Safety Net and Limitations: The Legal Framework of the P-Konto
A P-Konto, also known as a protected account against attachments, is an essential financial instrument for indebted individuals who need to secure their livelihood while facing financial pressures from garnishments on accounts. A key element of its use is the legally established exemption threshold from garnishments, which allows an account holder to freely dispose of a minimum of financial resources. Starting from July 2024, this threshold amounts to 1,499.99 euros per month and can be adjusted under certain circumstances, such as maintenance obligations. This offers a certain flexibility that is of great importance to many in vulnerable situations.
In addition to ensuring a basic standard of living, the P-Konto protects against undue financial deductions, utilizing a mechanism that fully exploits the Civil Procedure Code, particularly § 850k. This legal framework ensures that the subsistence minimum remains intact, thereby supporting the account holder in dealing with daily financial obligations even amidst ongoing garnishments. However, since only one checking account can be held as a P-Konto, it is crucial to inform the banks in a timely manner to avoid provisions in case of emergencies.
The conversion of an existing account to a P-Konto, which must be carried out within four working days, represents a standard process that banks must ensure. This not only roots the P-Konto as a legally protected option but also as a viable choice for individuals to be reliably protected from excessive execution measures.
However, the protection from closure of the P-Konto poses challenges. Although there is no explicit protection from legal closure, specific contractual provisions and communication standards between the customer and the bank provide a certain framework of protection. Banks have the right to close accounts, but only under specific conditions such as suspicion of money laundering or abusive contractual behavior. Customers who believe that their account has been closed unjustly can take legal action and contact institutions such as mediators or BaFin. Especially in federal states like North Rhine-Westphalia, the obligation to negotiate creates additional obstacles to closures by savings banks.
In summary, the P-Konto maintains its protective function through clearly defined legal structures while seeking to meet the basic needs of the most vulnerable. However, it is advisable to inquire in advance about the specific conditions and obligations related to a P-Konto to make the most of its legal protection.