Legal Question in Credit and Debt Law in New York
IRA: Safe from Debt Collection Law?
If I start an IRA, would it be safe from any debt collection procedures and/or bankruptcy filings that might occur in the future?
Asked on 6/26/00, 1:50 pm
1 Answer from Attorneys
David Wright
Law Offices of David Wright
Re: IRA: Safe from Debt Collection Law?
Generally retirement accounts are exempt from creditors, debt collection and even in a personal bankruptcy. CPLR 5205(c)(2). However, note that additions to an IRA account just before a lawsuit is filed against you, or otherwise constituting fraudulent conveyances, aren't exempt. If another person is setting up or funding the IRA for you, it's much more likely to be absolutely exempt.
Answered on 9/02/00, 5:45 pm
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
