As the signer on my son’s student loan, can my IRA be subject to a lien?
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As the signer on my son’s student loan, can my IRA be subject to a lien?
I’m 56 and on SSI and my son is in his mid-30’s.
Asked on April 20, 2012 under Bankruptcy Law, New York
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
Under the debt collection laws of all states in this coutnry, one's retirement be it a 401 k, IRA and the like are exempt from the levy process of a judgment creditor so long as the judgment debtor designates his or her retirement accounts as a retirement account.
In your situation, if your IRA account is levied upon by a judgment creditor with respect to a judgment against you, you need to immediate file a claim of exemption with respect to the levy with the county court clerk where the judgment arose to keep the creditor from actually getting the funds in the account in hand.
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