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Dimitry Esquire
Dimitry Esquire, Attorney
Category: Criminal Law
Satisfied Customers: 41221
Experience:  I provide general practice and mediation & arbitration services to my clients.
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Can the govt seize my IRA to pay restitution

Customer Question

can the govt seize my IRA to pay restitution
Submitted: 1 year ago.
Category: Criminal Law
Expert:  Dimitry Esquire replied 1 year ago.

Thank you for your question. Please permit me to assist you with your concerns.

The answer that I will provide you with is not going to be favorable so I ask that you do not blame the messenger. Restitution can be pursued against assets that are generally protected. That includes your bank accounts, social security benefits, and yes, your IRA and pension plans. A civil judgment generally cannot reach as far as your social security, for example, but government restitution can indeed pursue all those assets.

I am sorry!


Dimitry, Esq.

Customer: replied 1 year ago.
Well, I can understand that in order to pay the US government restitution, they may be able to do that, if the government (like the IRS or some other agency were the victim). This restitution however is to pay back the banks and I am not so sure that the government has the right to that for this purpose. So can you please address that portion of it. It is peculiar that they (the government) have taken two IRA accounts but have not taken my 401K. Thank you for your answer to this for no extra charge
Customer: replied 1 year ago.
I will be glad to rate you after we are completed with the conversation regarding restitution
Expert:  Dimitry Esquire replied 1 year ago.


The government does have such right if the restitution is 'criminal' in nature, and not civil. Please keep in mind that criminal restitution is not a private entity against the person, it is the state against the person. So if the state finds the person guilty and issues an order for restitution, it is no longer a private debt. On that basis the debts can be seized and pursued.


Dimitry, Esq.

Customer: replied 1 year ago.
One more thing, I think, and then I will be satisfied. This is a federal case and not a state case. In the eyes of the law, what is the difference between an IRA and a 401K. Based on your answer an IRA (which is a retirement account) is not protected. Is a 401K protected (thats the same as a retirement account). So what is the difference? Thank you for your free answer.

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