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Bankruptcy Q&A

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1/13/2006


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discussion title:
 

IRA exempt?

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message #:
  6890.1
replies:
  3
from:
  jabutler40
date:
  1/10/2006 6:42 pm

Hi! I was on here a month or so ago asking questions. Well, in late December I went to a lawyer about my husband and I filing bankruptcy. I really liked her and she was easy going which is good as stiff formal lawyers make me uncomfortable. Anyway, she is going to have us file Chapter 7 rather than Chpt 13 which I thought we'd have to do. I was looking at the exemption and it says tax deferred annuities. Does this include an IRA? My husband can take and rollover the IRA into a 401k that they are just starting but the company won't be adding its own money yet or he can keep it like it is? I am going to call the lawyer and see what's up with it but thought I'd ask the wonderful people on this site as well. Any ideas? Thanks!
 
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discussion title:
 

IRA exempt?

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message #:
  6890.2 in response to 6890.1
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from:
  cg108
to:
  jabutler40
date:
  1/11/2006 11:56 am

My opinion is the IRA is exempt. For most regular people with retirement accounts, those accounts are generally out-of-bounds and exempt. The money is set aside for your retirement and no one should be dipping into those precious funds to pay down debt. To do so means you are simply transferring debt (credit debt then becomes retirement account debt). The court won't expect you to rob your retirement funds and I am pretty certain your lawyer will inform you the funds are safe.

Carolyn
 
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last visit to this board
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discussion title:
 

IRA exempt?

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message #:
  6890.3 in response to 6890.2
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from:
  jabutler40
to:
  cg108
date:
  1/13/2006 8:04 pm

Hi! I did call the lawyer and she called back and said that 401K's and IRA's are treated the same and are exempt. We don't have a ton of money in it but anything will help at retirement which is in 15 years for my husband.

If we had some things to do all over again in life, we would have done money a little more carefully but somethings have been out of our control like a job loss, and then a lower paying new one then a lay off at the new one all in one year. It shook up things quite a bit.

Thanks for your reply!
 
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