If one is being sued in civil court, are all of one’s assets subject to being taken?
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If one is being sued in civil court, are all of one’s assets subject to being taken?
If one has IRA’s and a house, can it all be taken?
Asked on May 20, 2013 under Personal Injury, Ohio
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
An IRA cannot be taken by creditors. Your equity in a house could potenntially be taken, so if you own the house outright or have substantial equity in it, you are at risk; however, if the mortgage is for most of (or all of; or even more than) the home's value, however, the judgment creditor cannot get it, because he/she cannot impair or take away the bank's security interest in the home.
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