Can a creditor garnish my non-retirement stock account in bankruptcy? 8 Answers as of February 25, 2011

Can a creditor garnish my non-retirement stock account?

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William C. Gosnell, Attorney at Law
William C. Gosnell, Attorney at Law | William C. Gosnell
Yes, they can.
Answer Applies to: Tennessee
Replied: 2/25/2011
The Law Office of Mark J. Markus
The Law Office of Mark J. Markus | Mark Markus
Creditors are strictly prohibited by the "automatic stay" from taking any collections actions against you after you file a bankruptcy case. If they do, you can obtain sanctions against them through the bankruptcy court. Whether your stock account is exempt or not and whether you would lose it in a bankruptcy case depends on what chapter you file, and the exemption laws of whatever state applies in your case (which is usually the state where you resided for the 2 years prior to filing).
Answer Applies to: California
Replied: 2/25/2011
Gus Johnson Attorney at Law
Gus Johnson Attorney at Law | Gus Johnson
A creditor can garnish a non-retirement stock account. filing for bankruptcy would prevent such action.
Answer Applies to: South Dakota
Replied: 2/25/2011
Rhonda R. Werner Schultz, PL
Rhonda R. Werner Schultz, PL | Rhonda R. Werner Schultz
Non-retirement stock will be considered an asset in bankruptcy and if it is not exempt under the allowable personal property exemptions, it will be liquidated by the bankruptcy court to pay your creditors. You will be given the option to buy back the stock, as with any other asset, but must use exempt sources with which to buy it back (i.e. loan against 401K or gift from friend or family member).
Answer Applies to: Wisconsin
Replied: 2/25/2011
Ferguson & Ferguson
Ferguson & Ferguson | Randy W. Ferguson
They cannot garnish you in bankruptcy.
Answer Applies to: Alabama
Replied: 2/25/2011
    The Orantes Law Firm
    The Orantes Law Firm | Giovanni Orantes
    If the amount you are permitted to retain through the exemption laws is not sufficient to protect the entirety of the balance of your stock accounts, it is likely that a Bankruptcy Trustee will look to those assets and ask you to turn over an equivalent amount. However, please be mindful that my answering this question without knowing more details about your entire personal situation is not likely to allow me to give you a complete set of solutions. You should make an appointment to explore other options that cannot be explored on a website.
    Answer Applies to: California
    Replied: 2/24/2011
    Janet A. Lawson Bankruptcy Attorney
    Janet A. Lawson Bankruptcy Attorney | Janet Lawson
    it depends on what your other assets are what sate you live in. You have "exemptions" which allow you to keep property up certain values. You should see a lawyer to see what exemptions you are entitled to.
    Answer Applies to: California
    Replied: 2/24/2011
    Diefer Law Group, P.C.
    Diefer Law Group, P.C. | Abel Fernandez
    Stocks are not protected in a bankruptcy. You will be able to protect a certain amount of assets. However, if the stocks exceed your exemption amount the court will be able to liquidate your stocks and pay off your creditors.
    Answer Applies to: California
    Replied: 2/24/2011
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