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Will I lose my retirement accounts or payments from social security if I file for bankruptcy?
Wiki User
∙ 15y ago
Generally, no. Retirement accounts that are ERISA-qualified aren't considered property of an estate and cannot be taken.
Social Security benefits are generally protected from assignment, or garnishment for debts in bankruptcy. The Social Security Administration's responsibility for protecting benefits against legal process and assignment usually ends when the beneficiary is paid.
Once paid, the benefits continue to be protected only as long as they can be identified as Social Security benefits. For example, money in a bank account where the "only" deposits into the account are direct deposits of Social Security benefits are "identifiable" and generally protected.
Wiki User
∙ 15y ago
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Is your social security retirement income exempt for chapter 7 bankruptcy?
yes
Should social security be changed to include personal retirement accounts?
No
Is social security retirement income allowed to be garnished for alimony arrears and payments?
no
Do personal retirment accounts help people establish financial security for their retirement years?
Yes.
Can you use a dependents social security retirement payments as child support payments?
If the checks are coming to you, the money is yours to spend on the child's up keep.
Does your unemployment cease when you become eligible for Social Security benefits?
Disability payments are Social Security Payments. When a person reaches full retirement age (66), the payments continue as normal, but are no longer considered disability payments. A person does not receive two payments.
Do congressmen and senators pay into social security?
Yes, and retirement from the US government plus any military or private retirement accounts they may have earned.
What is the nations retirement program?
The United States does not have a single national retirement program. Instead, it has multiple retirement programs, including Social Security, pensions, and individual retirement accounts (IRAs) or 401(k) plans. Social Security provides a basic level of retirement income, while pensions and IRAs/401(k) plans are typically offered by employers and allow individuals to save and invest for retirement.
Is social security considered retirement?
Your question is confusing. Are you asking about receiving monthly Social Security checks? Or are you asking about Social Security Disability payments. They are two different types of Social Security Benefits.
Does social security payments count in figuring out the payment made to the bankruptcy court?
Social security payments are not a factor in the means test. However, they are a factor in terms of your budget and as to how much you have available to repay creditors under Chapter 13.
Can a retirement check be garnished?
Yes, retirement checks can be garnished by certain creditors, such as the IRS for unpaid taxes or by court order for delinquent child support or alimony payments. However, federal law offers some protection for certain types of retirement accounts, such as Social Security benefits, from being garnished by most creditors.
When did IRA accounts start?
Individual retirement accounts (IRAs) were introduced in 1974 with the enactment of the Employee Retirement Income Security Act (ERISA). As Congress originally conceived the accounts, participants could contribute up to $1,500 a year and reduce their taxable income by the amount of their contributions.
