Can any of my retirement benefits be taken from me for a bad debt?

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Can any of my retirement benefits be taken from me for a bad debt?

I don’t want to go bankrupt but I don’t want tio be in a position where I can no longer support myself

Asked on April 16, 2012 under Bankruptcy Law, Ohio

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

So long as your retirement benefits are held in an independent retirement account designated as such and not commingled with your other accounts (banking and checking) your retirement accounts under the laws of all states in this country would be statutory exempt from levy by a judgment creditor. The key is to make sure that the retirement benefits are designated in an account as "retirement benefits".


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