General Question

srmorgan's avatar

Are IRAs and 401k accounts protected from seizure by the courts in order to satisfy a judgment?

Asked by srmorgan (6768points) July 2nd, 2012

If you lose a lawsuit and have to pay damages, can the other party attach or seize your retirement accounts such as an IRA or 401k plan account in order to satisfy the judgment?

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2 Answers

bkcunningham's avatar

I don’t think creditors can come after an employer sponsored IRA or 401K. Only the IRS or a spouse can do that. They are protected under the Employee Retirement Income Security Act.

anartist's avatar

And horrid though it might be, if you cannot afford to pay your lawyer when it’s all over, her/she cannot go after those assets either.

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