Legal Question in Credit and Debt Law in New York
Credit card Debt
Can a Bank or Collection Agency put a
lien on your Retirement Funds.
Asked on 7/12/09, 3:02 pm
1 Answer from Attorneys
Frank Loscalzo
Law Office of Frank Loscalzo
Re: Credit card Debt
If by retirment you mean social security, pension, 401K, IRA some annuities, then no.
Where most people get caught up, is where monies that come out of these accounts are placed in a bank account with other funds. These mixed funds are subject to levy. Although you can frequently argue your way out of that.
Email me your specifics and I will give you a more detailed answer.
Answered on 7/12/09, 3:43 pm
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