Legal Question in Credit and Debt Law in New York
garnishment of income
can pensions be subject to garnishment?
Asked on 1/23/02, 11:57 am
1 Answer from Attorneys
Thomas Luz
Pearce & Luz LLP
Re: garnishment of income
Funny you should ask. I'm in the middle of one of these now. In general, qualified pension plans are not subject to levy and attachment in support of a judgment. There are exceptions, however, that relate to the type of investment and the way it's being used, and these exceptions are too complicated to explain in a brief answer. Further, the corpus of the pension fund and the income derived from the fund might be treated differently under certain circumstances. As with most very general legal questions, the answer is "it depends."
Answered on 1/23/02, 5:24 pm