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  1. #1
    Join Date
    Sep 2006
    Location
    chicago,Il
    Posts
    9

    Default Is IRA a Collectible Asset

    I'm 62 and divorced. My only income comes from the SS Disability Insurance. My child is entitled and receives from SS an additional 50% of what I'm getting.

    In 3 years I have to pay for his future college expences. My only asset is IRA. If I default on payments, will the court garnish my IRA. Is there formula for it?

    Appreciate.

  2. #2

    Default Re: Is IRA a Collectible Asset

    in 3 years you do not have to pay for his future college expenses. you could file for financial aid in college. FAFSA. it's free and it gives free money for education. and i am sorry i do not know much about IRA being garnished by the court.

  3. #3
    Join Date
    Sep 2006
    Location
    chicago,Il
    Posts
    9

    Default Re: Is IRA a Collectible Asset

    I forgot to tell state is Illinois.

  4. #4
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Is IRA a Collectible Asset

    Your IRA is exempt from garnishment. Distributions, though, may be garnished out of your bank account.

  5. #5
    Join Date
    Sep 2006
    Location
    chicago,Il
    Posts
    9

    Default Re: Is IRA a Collectible Asset

    Quote Quoting Mr. Knowitall
    View Post
    Your IRA is exempt from garnishment. Distributions, though, may be garnished out of your bank account.

    It sounds as to get away on technicality.
    Would the court put me in jail untill I pay myself?

  6. #6
    Join Date
    Jul 2006
    Location
    Florida
    Posts
    2,773

    Default Re: Is IRA a Collectible Asset

    Quote Quoting s5msu
    View Post
    It sounds as to get away on technicality.
    Would the court put me in jail untill I pay myself?
    If you are court ordered to pay something and you do not, yes, the court can send you to jail.

    If you absolutely cannot pay what was ordered due to an involuntary reason, you can get a consult with a local attorney to see if filing for a modification is an option.

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