Is my IRA exempt in bankruptcy? 11 Answers as of May 22, 2015

I have been told that IRAs are exempt, but a creditor can still place a lien on the IRA. Can bankruptcy remove a lien on an IRA? The lien doesn't have anything to do with repaying a government debt and it is not child support related; it is a lien from a civil judgement.

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Tokarska Law Center
Tokarska Law Center | Kathryn U. Tokarska
Never heard of a lien against an IRA.
Answer Applies to: California
Replied: 5/22/2015
Richard B. Jacobson & Associates, LLC | Richard B. Jacobson
An IRA is exempt from all creditor claims. That really does mean all creditor claims. Ordinarily a judgment creditor can not put a lien on your IRA. Who told you that it could happen? Was it someone experienced in the subject matter.
Answer Applies to: Wisconsin
Replied: 5/20/2015
The Law Office of Darren Aronow, PC
The Law Office of Darren Aronow, PC | Darren Aronow
Ira is exempt and any liens can be avoided and removed in bankruptcy.
Answer Applies to: New York
Replied: 5/20/2015
A Fresh Start
A Fresh Start | Dorothy G Bunce
Only the government can place a lien against your IRA. If you want to exempt your IRA in a bankruptcy, you will have to claim this exemption. If the bankruptcy somehow fails to remove the lien, you may have to file a civil case asking for a declaratory judgment regarding your exemption.
Answer Applies to: Nevada
Replied: 5/20/2015
Ronald K. Nims LLC | Ronald K. Nims
No creditor can ever place a lien on an IRA either in bankruptcy or normally. Outside of bankruptcy, a creditor could get a court order requiring you to withdraw funds from your IRA and pay the money to it. In bankruptcy, an IRA is an exempt asset and it's beyond the reach of all creditors.
Answer Applies to: Ohio
Replied: 5/20/2015
    Janet A. Lawson Bankruptcy Attorney
    Janet A. Lawson Bankruptcy Attorney | Janet Lawson
    Your IRA is safe. There is no lien on it. That is impossible.
    Answer Applies to: California
    Replied: 5/20/2015
    Law Offices of Joseph A. Mannis
    Law Offices of Joseph A. Mannis | Todd Mannis
    That IRA is exempt, under both state law and bankruptcy. The creditor's lien cannot attach to it. Having said that, from what you've typed, you already have a judgment against you, so who knows what else you may have that they could attempt to go after. In other words, I think you should be speaking with a bankruptcy attorney, such as myself, sooner rather than later.
    Answer Applies to: California
    Replied: 5/19/2015
    Patrick W. Currin, Attorney at Law | Patrick Currin
    You can exempt your IRA.
    Answer Applies to: California
    Replied: 5/19/2015
    The Orantes Law Firm
    The Orantes Law Firm | Giovanni Orantes
    IRAs are exempt up to a limit ($1,000,000 the last time I checked), but if somebody placed a lien on an IRA that encroaches on an exemption, it can be removed with a motion in the bankruptcy case.
    Answer Applies to: California
    Replied: 5/19/2015
    Bensamochan & Poghosyan LLP | Eric Bensamochan
    You can most likely get rid of any lien placed on a qualified IRA account. It is exempted.
    Answer Applies to: California
    Replied: 5/19/2015
    GARCIA & GONZALES, P.C.
    GARCIA & GONZALES, P.C. | Richard N. Gonzales
    It is exempt. Never heard of a lien being placed on an IRA account (save the debtor borrowing from his/her own IRA).
    Answer Applies to: Colorado
    Replied: 5/19/2015
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