FundRobot » Equity Funds » What are my legal rights, paying someone off, that you owe?

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Default my legal rights, paying someone off, that you owe

No details needed. Let's just say I lose in a lawsuit. $10,000. Besides one month extra money for my current bills, and $15,000 in equity in my house, the only other money I have is in my IRA. Which I can not ouch without getting a penalty. I do have $8,000. In a Roth IRA. Which I can take out in 4 months with no penalty. But I have been planning using that money for 2 years to fix my teeth. I am missing 4 teeth, and 2 need. To come out. It was going to cost $12,000. I thought I was going to win in my lawsuit, of $7,000. But now I might lose $10,000. Would I have to take the money from my IRA to pay out the lawsuit. Or can I get my teeth, charge the $4,000 on my credit card. And then pay the lawsuit off say $100-$200 a month? What are my options or where can I go to find out what my options are?

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Default my legal rights, paying someone off, that you owe

Your IRA is not a savings account or slush fund. It's suppose to be for retirement. You should be saving separately to take care of your teeth.

Your IRA and Roth IRA are safe from attachment for a judgment ... at least until you withdraw the money form the IRA.

The judgment can be used to garnish wages, attach bank accounts, and lien personal property.
Stocks4Me is offline   Reply With Quote
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