Can 3rd party debt collector garnish my Roth IRA?

Oct 08, 2010

what can a debt collector do to collect?
by: Gerri

In most cases, your retirement funds are protected from creditors and debt collectors. And in most cases, certain types of income are protected as well (such as Social Security payments, for example).

However, you raise an important issue in your question. Even if the money you are receiving for your child support and unemployment are protected from creditors, we've heard of situations where are debt collectors still go after those funds. As you can imagine, it can be very hard to get that money back into your account once they've taken it out.

We would suggest you go ahead and at least talk with a bankruptcy attorney who can explain to you what's safe from creditors,and what may not be. He or she can also explain to you the procedure attaching bank accounts in your state and help you understand whether or the money in your account is at risk.

We hope this is helpful and wish you the best as you work through this.

Can 3rd party debt collector garnish my Roth IRA?

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Can 3rd party debt collector garnish my Roth IRA?