QUESTION
Is my traditional IRA safe from the mortgage company in Illinois?
Asked on Jun 07th, 2013 on Foreclosures - Illinois
More details to this question:
I live in Illinois. Is my traditional IRA safe from my mortgage company? I'm 63 and had to retire due to health issues and found out I have more. Trying to give my house back to mortgage company, I didn't want to just walk away. Can they take my traditional IRA? I paid mortgage for March which is the month I stopped working.
2 ANSWERS
Richard hirsh
Yes. If a creditor attempted to garnish or attach that asset you can claim the appropriate exemption and the judge would order that it cannot be taken by a creditor. The same holds true if you were to file a bankruptcy case.
Answered on Jun 10th, 2013 at 12:42 AM
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Generally, retirement accounts are protected from your creditors. However, you need to speak to an experienced attorney to discuss your specific situation. Bankruptcy may be necessary to protect you.
Answered on Jun 10th, 2013 at 12:42 AM