Citicard credit card debt of around $1200 was sold to a collection agency which sued me for $5500. I worked with Legal aid and we filed papers in the court. However we had a death and in the family and we left the US. My bank accounts in the US are active and so is my IRA retirement fund. I am unable to pursue the court case given the distance. I am not sure if we will return to the US. I understand that the courts might order my bank accounts to be emptied to the debtor, however, is my retirement fund (IRA) also in danger?Can any attorney take this case? All paper work was already done and filed with the court. We even sent a letter to the debt collection company asking for proof which they had not replied to in time, just needs to be closed.
You can empty the account (a) before levy. Your retirement is protected.
I am changing this to debt settlement.
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If the case is still pending and there is no trial date set, or if the trial date is months away, the best course of action would be to retain an attorney to represent you. It is not a foregone conclusion that you will lose; many such cases are dismissed before trial and many others are settled for a fraction of the amount claimed. If you have representation, you do not need to be present, and in fact that can help you, because the creditor cannot call you as a witness.
If you decide to do nothing and the plaintiff/creditor gets a judgement, you may want to close all your accounts here in the US and open new ones where you now live. Otherwise, there is a chance that some funds any funds transferred from the IRA into a regular checking account may not be exempt. For that reason, a person who expects to have retirement income other than Social Security should try to settle lawsuits if at all possible.
This answer is for general information purposes only and is not legal advice. No attorney-client relationship is intended or formed by the posting of this answer. Law Office of Lisa J. Espada * San Francisco, CA *
Yes. Creditor may levy bank accounts after they obtain a juidgment.
Maybe. IRA accounts can be exempted and protected.
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