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    maa4546's Avatar
    maa4546 Posts: 2, Reputation: 1
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    #1

    Apr 19, 2008, 09:14 AM
    Foreclosure and your assets
    In the event my home or condo is foreclosed by the bank, can they touch my ira or social security benefits
    maa4546's Avatar
    maa4546 Posts: 2, Reputation: 1
    New Member
    		  
    #2

    Apr 19, 2008, 09:17 AM
    Quote Originally Posted by maa4546
    in the event my home or condo is foreclosed by the bank, can they touch my ira or social security benefits
    should I notify social security?
    George_1950's Avatar
    George_1950 Posts: 3,099, Reputation: 236
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    #3

    Apr 19, 2008, 01:03 PM
    Social Security benefits are not subject to levy, and "The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 ... extended significant protections to IRA assets.

    "The Act replaced a patchwork of state laws that, depending on where you lived, provided IRAs various levels of protection from creditors. Under current law, all money rolled over to an IRA from a qualified retirement plan and up to $1 million in assets you accumulate through annual IRA contributions are off-limits-- in most cases."
    See: IRS Grabs IRA, One-Way Roths, and Conversion Caps
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