jc72 Posted July 13, 2006 Report Share Posted July 13, 2006 We are going to be rolling over profit sharing into a CD at our bank in the next few months. Just curious if retirement accounts are exempt from garnishment...Thanks Link to comment Share on other sites More sharing options...
Robert Nashville/Savannah Posted July 13, 2006 Report Share Posted July 13, 2006 I honestly do not know this for certain - I've not kept up on all the laws.That said, I suspect that a debtor could not be "forced" to withdraw funds from a retirement account BUT I do suspect that a creditor could attach a lien to such an account.I believe the only assets/income that is protected is SSI/disability.If judgments are a real concern and you really owe some money than I'd suggest you try to settle with your creditors - that's almost always better than dealing with a judgment(s). Link to comment Share on other sites More sharing options...
jc72 Posted July 13, 2006 Author Report Share Posted July 13, 2006 thank you...I was just more curious than anything. We only have about $500 in collections which we are working on paying. Link to comment Share on other sites More sharing options...
Recovering Attorney Posted July 13, 2006 Report Share Posted July 13, 2006 if I remember correctly, ERISA accounts and IRAs are exempt until you take the money out. A mere CD would be executable Link to comment Share on other sites More sharing options...
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