I am getting sued for a car accident and need to know if they could gain access to my 401k deposits if I lose the case.
2007-07-09 09:41:45 · 3 answers · asked by importedyankee 2 in Business & Finance ➔ Personal Finance
Generally, Yankee, 401(k) accounts under federal law ARE exempt from creditors for general liability purposes such as car accidents (but not from other claims involving divorce or child support). The particulars vary from state to state, though, so check with a lawyer in your area to see what other exceptions might exist.
2007-07-09 11:02:59 · answer #1 · answered by Bryan A 3 · 0⤊ 0⤋
My understanding is that IRAs are but 401k are not protected. I do still think it would be harder for them to get at it but you should check with an attorney.
2007-07-09 10:27:41 · answer #2 · answered by Good Steward 2 · 0⤊ 0⤋
I doubt that they are protected. Ask an attorney.
2007-07-09 09:51:59 · answer #3 · answered by hottotrot1_usa 7 · 0⤊ 0⤋