Mr. White Posted October 21, 2004 Report Share Posted October 21, 2004 ok, i have a debt...obviously. it has been sent to a CA and i am currently talking to them via phone and letters. all that aside, what i am really wanting to know is IF they have to file a judgement and they get an approval to do so. can they file one on my Roth IRA account with my bank. i have a checking acccount, savings account and then the roth ira account. this was set up for me by my elders and i want to know if it can be subjected to a judgement if it is the only account with funds in it? Link to comment Share on other sites More sharing options...
Recovering Attorney Posted October 21, 2004 Report Share Posted October 21, 2004 Last time I checked, IRAs are exempt from garnishment. Link to comment Share on other sites More sharing options...
Fade to Black Posted October 21, 2004 Report Share Posted October 21, 2004 Roth IRA's are NOT exempt from seizure. That is because they are not tax deferred. ONLY TAX DEFERRED SAVINGS are exmpt. Link to comment Share on other sites More sharing options...
Recovering Attorney Posted October 21, 2004 Report Share Posted October 21, 2004 What is a Roth Individual Retirement Account if not a tax deferred savings plan? Do you have a cite on your claim? I thought IRAs were exempt via ERISA Link to comment Share on other sites More sharing options...
Mr. White Posted October 24, 2004 Author Report Share Posted October 24, 2004 yea, i would really like to know as well. i'd imagine law differentiate between states on this just like anything else for the most part. i've looked around online and i just can not seem to find anything to clarify it for me. please helpthanks collins Link to comment Share on other sites More sharing options...
Recovering Attorney Posted October 25, 2004 Report Share Posted October 25, 2004 If the debtor is 59 yrs and older, it might be subject to a payment order, i.e., a forced withdrawal becasue you can withdraw at that age, but I have never heard it done. Link to comment Share on other sites More sharing options...
Mr. White Posted October 25, 2004 Author Report Share Posted October 25, 2004 OK....here we go! i think i have something...lol... but i'm not entirely sure. the information i have sort of contradicts the other....i have a link with each states information regarding the previous conversations...http://www.fpanet.org/member/govt_relation/new/loader.cfm?url=/commonspot/security/getfile.cfm&PageID=18975now, if you look at the information regarding missouri and ROTH IRA's and judgements or creditors able to seize them you'll see it saying that they are EXEMPT...which is a good thing...and this link tells you that it was updated january of 2003 by the FPA(Financial Planning Association)...i've never heard of them, so i don't know how credible the source is, but if you go to the following link below which gives information specifically about my state http://www.mobar.org/journal/1999/marapr/checket.htmyou'll see it says the obvious and that ROTH IRA's are in fact NOT exempt...however, the material is outdated when compared to the above link....so that is where i am having a problem...if you can help me further this research and resolve this matter it would be greatly appreciated.thanks in advancecollins Link to comment Share on other sites More sharing options...
Recovering Attorney Posted October 25, 2004 Report Share Posted October 25, 2004 that is interesting. The article is also from 1999, so things may have changed in Missouri and elsewhere. If you have your Roth IRA with one of the biggies like Fidelity or Vanguard or Merrill, call their legal departments. See if someone there can give you an answer.You also have to separate an attack on distributions from an attack on the Account corpus. If you are taking distributions from your IRA, thsoe distributions are probably subject to attachment once they jit your mailbox or bank account. The corpus may be exempt. Link to comment Share on other sites More sharing options...
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