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Joseph N. Callaway's Answers

Joseph N. Callaway
Rocky Mount Bankruptcy Attorney.
Contributor Level 2

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Attorney answers:

  1. Adrian M. Lapas
  2. Joseph N. Callaway
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In NC if youwalk away from your house, can your 401 K or wages in another state be garnished?

Asked by a user in Calabash, NC - 4 months ago.

no. In NC any ERISA qualified plan in 100% exempt from the claims of any creditors so long aas you properly reserve it in either Scheduel C bankruptcy form or NCGS 1-1601(a) motion to claim exemptions.

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  1. Mark Aalam
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  3. Eric Leonard Bolves
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  5. Kathryn Ursula Tokarska
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Is an Ira exempt in bankruptcy

Asked by a user in Naples, FL - 4 months ago.

Depends on whether your state has "opted out" of the federal bankruptcy exemption provisions and uses the state exemption law for cases filed in your state AND whether you qualify for those state exemption provisions. If the federal provisions apply or if your state opted out and the state law exempts IRA, then exempt. Most states do but I am in NC and am not in Florida so you should CHECK with a Florida lawyer.