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Tina, Lawyer
Category: Legal
Satisfied Customers: 33166
Experience:  JD, BBA Over 25 years legal and business experience.
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Hi Tina: This is a follow up question from judi. Question:

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Hi Tina: This is a follow up question from judi. Question: I live in NC. I am being sued by a bank in Florida because my name is XXXXX XXXXX a mortgage even tho I deeded the house to my former husband in the divorce settlement. I may need to file for bankruptcy in the state of NC. The lawyers in Florida say they are 99% sure my retirement assets are protected from the lawsuit but I need to know the NC law. Am I protected 100%?

Hello again, Judi, and thank you for requesting me.

What type of retirement account is it, an IRA, 401(k) or something else? Is it through your employment with the state or federal government?

I look forward to assisting you as soon as I have received this information. Thank you.

Customer: replied 3 years ago.

they are IRA's, 401ks...from my 50% of the assets from the divorce settlement. This is the only savings I have...I had them rolled over to Fidelity.

Hello again, Judy, and thank you for clarifying that.

Yes, these would typically be exempt from attachment if the creditor obtains a judgment against you. Once the funds are distributed to you, then they may be attached normally, but while they remain in the accounts, they could not normally be seized by a judgment creditor based on the following language in the NC code:

(9) Individual retirement plans as defined in the Internal Revenue Code and any plan treated in the same manner as an individual retirement plan under the Internal Revenue Code, including individual retirement accounts and Roth retirement accounts as described in section 408(a) and section 408A of the Internal Revenue Code, individual retirement annuities as described in section 408(b) of the Internal Revenue Code, and accounts established as part of a trust described in section 408(c) of the Internal Revenue Code.

Here is a link to the code:

I hope this helps clarify the situation for you. Please remember to rate my service once you have all the information you need. If you have any other questions, please ask me – I’ll be happy to respond. Thank you!


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