how likely can lawyers get judge to force me to turn over my non- ERISA retirement funds in case of lawsuit. I know it is extremely difficulty if I have a ERISA retirement fund and I hear it is also still difficult for lawyers to get money to be paid out of retirement accounts in general, is this true?
2007-06-09 17:23:53 · 2 answers · asked by Kevin 1 in Politics & Government ➔ Law & Ethics
In most places you can't be forced to tap into retirement accounts. You should check the laws for your state since you didn't tell us where you are.
Several major reasons: If is for your old age, you have to pay a penalty to get it out early, it becomes immediately taxable.
2007-06-09 17:33:32 · answer #1 · answered by lcmcpa 7 · 4⤊ 0⤋
I can not encourage you enough to consult an attorney as quickly as possible in this matter. Over the last 15 years I know of 8 different people who lost some or all of their retirement, pension, etc because for years it couldn't be touched and the law had changed or in some cases Government Agencies have garnished funds they had no legal right to.
2007-06-09 17:35:50 · answer #2 · answered by topgun h 3 · 0⤊ 0⤋