Can a lien be placed on my retirement accounts if a creditor receives a judgement against me?
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Can a lien be placed on my retirement accounts if a creditor receives a judgement against me?
Asked on February 21, 2011 under Bankruptcy Law, New Jersey
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
Generally speaking, most proceeds from retirement accounts and retirement accounts themselves (IRA's for example) are protected from a judgement creditor. But, that does not mean that the judgement creditor will not try and place a levy on a bank account that say your Social Security check is deposited in to. Laws surrounding judgements in most states allow a judgement debtor to file exemptions from garnishment on certian accounts. Creditors, though, are also permitted sometimes to file objections to the debtors request for exemption. It can be a messy merry go round. I would seek some counseling in your area on the matter. Otherwise you could find yourself fighting more now than before the judgement. Good luck.
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