retirement accounts
Date: Mon, 10/01/2012 - 19:58
I would like to know if debt collectors are allowed to tell you to voluntarily let them take monies from your 401 K retirement account?
No...they CANNOT tell you that...they have absolutely no access
No...they CANNOT tell you that...they have absolutely no access to those exempt funds.
401(k), 529, IRAs... these are way out of reach of anything but
401(k), 529, IRAs... these are way out of reach of anything but the Federal government. These funds are even protected from bankruptcy.
401 (k) is an IRA, and IRAs are inaccessible to everyone but the
401 (k) is an IRA, and IRAs are inaccessible to everyone but the Federal government. It is important that you know that IRAs are fully protected from bankruptcies. There is no need to worry about your retirement savings being harmed while filing for bankruptcy. Your savings are secure as long as they are part of IRA.
