Legal Question in Real Estate Law in New Jersey

In New Jersey I co-own my house w/my son-in-law. If I were to forclose could they touch my IRA?

As my unemployment is running out and we aren't going to afford the house anymore.


Asked on 5/11/11, 7:33 am

3 Answers from Attorneys

Robert Davies The Davies Law Firm, P.A.

I am sorry to hear this. I have been helping an increasing number of people in your situation. I can review your situation with you and advise you on the choices you have. Come in and see me, there may be a way to save your home.

Give me a call, make an appointment to come see me, and let's get moving on this for you. No charge for the first office visit.

I know people worry about how expensive a lawyer is, so I am careful to be as inexpensive as I can for my clients. Before you spend a dime, you will know how much this is likely to be.

Robert Davies, Esq. 201-820-3460

The Davies Law Firm, P.A.

45 Essex Street, Suite 3 West

Hackensack New Jersey 07601

Phone: 201-820-3459

Fax: 201-820-3461

Email: [email protected]

Website: AttorneyRobertDavies.com

For more information on family law and divorce, see my website: http://www.attorneyrobertdavies.com

Please keep in mind that my response is just a general comment on your question, and not legal advice. Your question and any response does NOT create an attorney-client relationship between you and this law firm. The exact details of your situation and things that you have not mentioned in your question can completely change the response I gave. You can not rely upon what I have written, because I do not have all of the information that I need to advise you, I only have the very small amount of information that you put into your question. To get legal advice that you can rely on and use, please contact me directly. I would be happy to assist you.

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Answered on 5/11/11, 7:47 am
Barry Gartenberg Barry F. Gartenberg LLC

As a general rule, under NJ law, any property held in (or distributed from) a 401(k) plan is exempt from all claims of creditors. See NJSA 25:2-1(b).

Kindly note and remember that my response is merely a general comment on the law related to your question, and NOT legal advice or opinion. Also, your question and my response does NOT create an attorney-client relationship between us. You cannot rely upon what I have written, because I do not have all of the information that I need to advise you or render an opinion. Even simple facts you have not shared can completely change my answer. For me to give you legal advice or opinion, you would need to hire me to be your lawyer, and then we would need to discuss this in detail and go over the documents.

IRS CIRCULAR 230 DISCLOSURE: As required by U.S. Treasury Regulations governing tax practice, you are hereby advised that written advice contained herein (if any) was not written or intended to be used (and cannot be used) by any taxpayer for the purpose of avoiding penalties that may be imposed under the U.S. Internal Revenue Code.

With best wishes,

Barry F. Gartenberg, Esq.

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Answered on 5/11/11, 11:38 am
Barry Gartenberg Barry F. Gartenberg LLC

My apologies for the prior posting, I meant to refer to IRAs. As a general rule, under NJ law, any property held in an IRA plan is exempt from all claims of creditors. See NJSA 25:2-1(b).

Kindly note and remember that my response is merely a general comment on the law related to your question, and NOT legal advice or opinion. Also, your question and my response does NOT create an attorney-client relationship between us. You cannot rely upon what I have written, because I do not have all of the information that I need to advise you or render an opinion. Even simple facts you have not shared can completely change my answer. For me to give you legal advice or opinion, you would need to hire me to be your lawyer, and then we would need to discuss this in detail and go over the documents.

IRS CIRCULAR 230 DISCLOSURE: As required by U.S. Treasury Regulations governing tax practice, you are hereby advised that written advice contained herein (if any) was not written or intended to be used (and cannot be used) by any taxpayer for the purpose of avoiding penalties that may be imposed under the U.S. Internal Revenue Code.

With best wishes,

Barry F. Gartenberg, Esq.

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Answered on 5/11/11, 11:52 am


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