Is money that is in a retirement account considered an asset?

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Is money that is in a retirement account considered an asset?

Can creditors go after it?

Asked on January 13, 2011 under Bankruptcy Law, Washington

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

Yes, it is considered an asset.  But, it is generally exempt from garnishment by a creditor. I am assuming that this is a credit card debt or some other debt like that, correct?  The rule is that social security, disability benefits and retirement funds are not allowed to be levied upon by creditors. You will need to send a letter a formal letter to your bank advising them that the funds that are deposited in the bank are considered exempt from garnishment. Some states also allow you to file an exemption in the court and with the creditor.  Check and see if your state has such a provision to protect you from attachment.  Good luck.


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