As the signer on my son’s student loan, can my IRA be subject to a lien?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
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 12 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.
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.