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IRA Matters

I have a lot of credit card debt. I am disabled and can't work anymore. Can a credit card company take money out of an IRA to pay for the debt?

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IRA Matters

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Oct 04, 2009
 IRA and credit card company
by: Gerri

Generally, retirement funds held in IRA's, 401(k) or 403(b) plans, and pension accounts are protected from creditors. It doesn't sound like you have much that creditors could go after, but you'll probably rest easier if you talk with a bankruptcy attorney. The consultation will be free, and confidential. You can specifically ask the bankruptcy attorney if you are "judgment proof," which means there wouldn't be anything for the creditors to go after if they sued you and obtained a judgment.

If that's the case, then you will likely be in a good position to negotiate when you get back on your feet and have income coming in again.

Good luck. Please let us know what happens after you talk with the attorney. (Just comment on your original post.)

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