Will Debt Settlement Affect IRA's?
Date: Wed, 03/03/2010 - 09:17
Hi, if I go through this debt settlement process, will the creditors be able to take money from my IRA account (or any retirement accts)? I may need to cash them out anyways to pay for the settlement, but wanted to know if I should be concerned. My IRA is not with any of my creditors. Thanks
You have hit on the key...not having the account with a creditor
You have hit on the key...not having the account with a creditor. But I don't believe they could take it anyway because they are custodial accounts.
CC Settlement is a voluntary agreement between you and the creditor, so they would not receive any judgment that would allow for attaching your property.
CC debt is unsecured debt and creditors cannot touch your retire
CC debt is unsecured debt and creditors cannot touch your retirement accts. Even if a person is sued for cc delinquent debt, they cannot touch your retirement.