Legal Question in Credit and Debt Law in New Jersey

if i cashed my 401k to pay morthage and personal is it bank levy exempt?

Asked on 5/24/11, 4:37 pm

1 Answer from Attorneys

Jeffrey Walters Law Offices of Jeffrey S. Walters, LLC

No. It would be subject to levy the same as any other funds in your bank account. Notable examples of exempt funds would be social security or disability payments placed in your bank account, and $1,000 of any funds. But note that even then, if your bank account is levied upon then all funds in the account would be frozen until you properly assert any exemption that you may be entitled to and a judge orders the exempt funds released, which could take up to a month.

Note: Due to the limitations of the LawGuru Forums, the response to questions posted does not constitute legal advice or legal representation of the person posting a question. The information provided is general. The poster should obtain specific legal advice from an attorney, and should not rely upon the response as the basis for making any decisions of legal consequence.

Read more
Answered on 5/24/11, 5:20 pm

Related Questions & Answers

More Credit, Debt and Collections Law questions and answers in New Jersey