Legal Question in Bankruptcy in Minnesota

Judgment Exemptions

I recently receieved a judgment letter saying that a judgment had been found in a creditors favor against me. They sent me a form to fill out listing all my assets and income information. I am entitled to certain expemption and I understand most of them. However, they ask if I have any stocks, bonds, mutual funds, securities, money market accounts, etc. I do have a ROTH IRA my grandparents set up for me. It is my name. They didn't ask me anything about IRA's. Do I have to list this or am I exempt from this? Thank you.


Asked on 9/05/02, 3:11 pm

1 Answer from Attorneys
David Kelly-952-544-6356 Kelly Law Office

Re: Judgment Exemptions

Most of the time n IRA account is exempt as far as I know from being seized by a creditor. This is not always true in cases where the amount you have put away is more than most of us would consider reasonable.

You are still required to disclose it, however. What you need to do is disclose it and claim it as exempt. To make sure you are doing it correctly, it would be a really good idea to consult an attorney.

Besides this disclosure you should be talking with the lawyer about how this judgment got entered in the first place and can it be reopened. Also, do you qualify for a bankruptcy to get rid of the judgment without paying either all of it or part of it.

Trying to handle this without a lawyer is like trying to do brain surgery on yourself without a doctor.

Good luck.

This response is for general information purposes only and does not create an attorney-client relationship. You are advised to consult the attorney of your choice concerning the details of your case.

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Answered on 9/06/02, 11:38 am


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