IRA Creditor Protection
In NEW YORK state, are IRA’s protected against creditors in liability or any other kind of lawsuits, that do NOT involve bankruptcy proceedings? I believe the answer is YES, but I would like to read the NYS statutes myself. Could you please provide me with that information?
I’m planning to rollover my 401k into an IRA to get more investments options, but I’m afraid of exposing myself to lawsuits unrelated to bankrupctcy.
Permalink Submitted by Bruce Steiner on Thu, 2009-05-28 22:11
See New York CPLR § 5205(c).
Permalink Submitted by Andy Kulawy on Thu, 2009-05-28 23:02
Unfortunately, New York Civil Practice Law & Rules 5205 (c) ONLY pertains to BANKRUPTCY. I need to konw if I’m protected in New York State from civil liability lawsuits NOT involving bankruptcy.
Permalink Submitted by Alan Spross on Thu, 2009-05-28 23:26
You can check out NYS on this site, but note that it is only current as of two years ago. The issue of creditor protection is also loaded with potential variables. Bruce practices in NYS, so may be able to indicate any pitfalls regarding the info in this link:
http://www.assetprotectionbook.com/state_resources.htm