If I am sued regarding a personal injury, is my IRA protected?

Get Legal Help Today

 Secured with SHA-256 Encryption

If I am sued regarding a personal injury, is my IRA protected?

If so, up to how much?

Asked on August 4, 2011 New York

Answers:

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

Answered 9 years ago | Contributor

I believe that the question you want to know is if your are sued and a judgement is rendered against you is your retirement asset - the IRA - exempt from collection, correct?  New York has what is known as the Exempt Income Protection Act, which protects those from certain creditors of private debts (not governmental debts such as the payment of taxes and child support payments).  Under the act an IRA - as long as it is properly designated as such - is protected from the attachment by a creditor.  Please get help if you are bring sued.  Avoiding a judgement is always better than worrying about it after. Good luck.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption