Ask Experts Questions for FREE Help !
Ask
    noura1's Avatar
    noura1 Posts: 7, Reputation: 1
    New Member
    		  
    #1

    Feb 2, 2010, 01:34 PM
    Can ira be garnished IF IT IS THE ONLY SOURCE OF INCOME
    I am 68 years old and I lost my job with $200,000 in my IRA rolled over from my 103B and I don't have social security and no other income. I have $20,000 credit card debt. Can they garnish my only source of income, my IRA
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
    Expert
    		  
    #2

    Feb 2, 2010, 03:51 PM

    This depends on your state law. In general, if you declare bankruptcy your qualified retirement plans like 401(k)'s, and rollover IRAs established with funds from a qualified retirement plan are protected from creditors (except for the IRS), and traditional IRAs are protected up to $1M. If you have not declared bankruptcy, then state law determines whether your IRA is protected.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Can credit cards company garnished your income tax [ 1 Answers ]

I went to small claims court for a credit card debt, there was a judgement against me for unpaid credit cards. Can the credit card company garnished my income tax refund

What percentage of book royalty income can be garnished? [ 3 Answers ]

I am retired living on Social Security. I am an author. What percentage of my book royalties income can be garnished?

Can 1099 income be garnished? [ 1 Answers ]

The court has garnished all the funds in my personal bank account, even the funds in my childrend's account with my name on the account. My question, I receive all my income on a 1099 basis which is mostly paid to my corporation, can these funds be garnished also? Can my corporation's bank...

Garnished income taxes [ 2 Answers ]

How do I know before I file if they are going to garnish my income tax refund due to past student loans?

1099, my only source of income, where do I stand? [ 4 Answers ]

I began doing a lot of free lance work for a local nightclub. A considerable amount. It was working out great, because I am still a student and the work fit my schedule great. Here's the problem. I never really looked into it and now I realize I'm looking at a hefty payment. Somebody told me...

View more questions Search