Is money that is in a retirement account considered an asset?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Is money that is in a retirement account considered an asset?
Can creditors go after it?
Asked on January 13, 2011 under Bankruptcy Law, Washington
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
Yes, it is considered an asset. But, it is generally exempt from garnishment by a creditor. I am assuming that this is a credit card debt or some other debt like that, correct? The rule is that social security, disability benefits and retirement funds are not allowed to be levied upon by creditors. You will need to send a letter a formal letter to your bank advising them that the funds that are deposited in the bank are considered exempt from garnishment. Some states also allow you to file an exemption in the court and with the creditor. Check and see if your state has such a provision to protect you from attachment. Good luck.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.