Question
Are IRA accounts exempt in bankruptcy?
I have an IRA account I was saving for my retirement, is it exempt is I file a chapter 13?LawQA.com Answer Library
Answered By: Breckenridge and Walton
Yes, up to over a million dollars. Regardless of the chapter you file under.
Answer Applies to: Michigan
Replied: 9/6/2011
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Answer Applies to: Michigan
Replied: 9/6/2011
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Answered By: Dan Wilson Bankruptcy
It is exempt in a 7 or a 13.
Answer Applies to: Colorado
Replied: 8/31/2011
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Answer Applies to: Colorado
Replied: 8/31/2011
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Answered By: Joseph Lehn, Esq
IRA accounts are exempt when applying Florida exemptions in bankrutpcy regardless of the Chapter you file.
Answer Applies to: Florida
Replied: 8/29/2011
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Answer Applies to: Florida
Replied: 8/29/2011
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Answered By: Heupel Law
Yes, all retirement accounts are exempt if you file bankruptcy.
Answer Applies to: Colorado
Replied: 8/26/2011
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Answer Applies to: Colorado
Replied: 8/26/2011
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Answered By: Law Offices of James Wingfield
IRA accounts (be they Roth or Traditional), 401k accounts and other retirement accounts that are defined under the Employee Retirement Income Security Act (ERISA) are generally, exempt from the bankruptcy estate. There are limits to the exemption that you should discuss with an attorney before filing.
Answer Applies to: Massachusetts
Replied: 8/25/2011
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Answer Applies to: Massachusetts
Replied: 8/25/2011
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Answered By: Bird & VanDyke, Inc.
Yes. Generally an ira is a qualifed retirement under the irs code. Sometiomes ira's are scrutinized by the court if they were established just prior to filing. If you have had the ira for any length of time you're probably fine.
Answer Applies to: California
Replied: 8/25/2011
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Answer Applies to: California
Replied: 8/25/2011
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Answered By: Braunstein Wisehart LLC
Generally speaking, retirement accounts such as IRA's, 401k's, pensions, etc., are exempt in bankruptcy. However, not all retirement accounts are fully exempt so you will want to consult with an attorney regarding your specific situation.
Answer Applies to: Oregon
Replied: 8/25/2011
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Answer Applies to: Oregon
Replied: 8/25/2011
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Answered By: Law Office of Michael Johnson
They are exempt. There are other issues that would require you to discuss with an attorney.
Answer Applies to: Florida
Replied: 8/25/2011
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Answer Applies to: Florida
Replied: 8/25/2011
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Answered By: Burnham & Associates
Retirement Accounts are completely exempt in New Hampshire whether you file a Chapter 7 or a Chapter 13.
Answer Applies to: New Hampshire
Replied: 8/25/2011
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Answer Applies to: New Hampshire
Replied: 8/25/2011
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Answered By: The Law Offices of Kristy Qiu
If it's tax exempt or qualifies for special tax treatment under the internal revenue code then yes it's exempt.
Answer Applies to: Florida
Replied: 8/25/2011
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Answer Applies to: Florida
Replied: 8/25/2011
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Answered By: Bankruptcy Law Center
Applies to a bankruptcy using Colorado exemptions only: IRAs are generally exempt. See CRS 13-54-102 (1)(s). Problems may arise on any eve of bankruptcy transfers.
Answer Applies to: Colorado
Replied: 8/25/2011
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Answer Applies to: Colorado
Replied: 8/25/2011
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Answered By: Ross Smith, Attorney at Law
Yes, IRA accounts are 100% exempt in bankruptcy. So NEVER use them to pay off creditors. In very rare cases, a truly excessive IRA or 401k (with heavy duty, recent contributions) could be deemed reachable. This happens to very rich proffessionals. Not working people. Get thee to an attorney. Good luck.
Answer Applies to: Ohio
Replied: 8/25/2011
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Answer Applies to: Ohio
Replied: 8/25/2011
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Answered By: Theodore N. Stapleton, PC
IRA accounts are 100% exempt from the bankruptcy estate as long as they are not over funded.
Answer Applies to: Georgia
Replied: 8/25/2011
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Answer Applies to: Georgia
Replied: 8/25/2011
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Answered By: Mauritz Van Niekerk, Attorneys at Law
Yes it is.
Answer Applies to: New York
Replied: 8/25/2011
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Answer Applies to: New York
Replied: 8/25/2011
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Answered By: Law Office of Lynnmarie A. Johnson
Yes, generally all qualified retirement funds are exempt from claims in bankruptcy.
Answer Applies to: Michigan
Replied: 8/25/2011
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Answer Applies to: Michigan
Replied: 8/25/2011
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Answered By: Paul Stuber, Attorney at Law
Colorado does have an exemption for qualified retirement accounts such as an IRA.
Answer Applies to: Colorado
Replied: 8/25/2011
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Answer Applies to: Colorado
Replied: 8/25/2011
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Answered By: AZ Law Group of Trezza & Associates
Yes so long as it has not been rolled over within 120 days of your bankruptcy filing.
Answer Applies to: Arizona
Replied: 8/24/2011
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Answer Applies to: Arizona
Replied: 8/24/2011
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Answered By: Law Offices of Joseph A. Mannis
Absolutely exempt.
Answer Applies to: California
Replied: 8/24/2011
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Answer Applies to: California
Replied: 8/24/2011
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Answered By: Cohen & Kendziorra, P.A.
Yes, it is exempt.
Answer Applies to: Florida
Replied: 8/24/2011
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Answer Applies to: Florida
Replied: 8/24/2011
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Answered By: Carballo Law Offices
Yes, up to about 1 million dollars.
Answer Applies to: California
Replied: 8/24/2011
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Answer Applies to: California
Replied: 8/24/2011
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Answered By: Ashman Law Office
Usually. Your lawyer will know for sure (do NOT file without a lawyer).
Answer Applies to: Georgia
Replied: 8/24/2011
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Answer Applies to: Georgia
Replied: 8/24/2011
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Answered By: Law Offices of Alexzander C. J. Adams, P.C.
100% in Oregon.
Answer Applies to: Oregon
Replied: 8/24/2011
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Answer Applies to: Oregon
Replied: 8/24/2011
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Answered By: Grasso Law Group
Yes - retirement accounts can usually by exempted.
Answer Applies to: California
Replied: 8/24/2011
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Answer Applies to: California
Replied: 8/24/2011
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Answered By: Dan Shay Law
Yes, check out CCP 703 and 704.
Answer Applies to: California
Replied: 8/24/2011
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Answer Applies to: California
Replied: 8/24/2011
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Answered By: The Schreiber Law Firm
That depends on the state where you live as that will determine which exemptions you can use. In general, a true IRA account is exempt.
Answer Applies to: California
Replied: 8/24/2011
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Answer Applies to: California
Replied: 8/24/2011
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Answered By: Diefer Law Group, P.C.
The general rule is that you can protect IRA to the extent necessary for retirement.
Answer Applies to: California
Replied: 8/24/2011
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Answer Applies to: California
Replied: 8/24/2011
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Answered By: Symmes Law Group, PLLC
Yes, IRA accounts are protected 100% when you file for bankruptcy.
Answer Applies to: Washington
Replied: 8/24/2011
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Answer Applies to: Washington
Replied: 8/24/2011
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Answered By: Goldsmith & Guymon
Yes, they are exempt.
Answer Applies to: Nevada
Replied: 8/24/2011
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Answer Applies to: Nevada
Replied: 8/24/2011
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Answered By: Charles Schneider, P.C.
Yes - Unless there has been a recent large contribution that would be out of the ordinary course and certain other dollar limitations.
Answer Applies to: Michigan
Replied: 8/24/2011
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Answer Applies to: Michigan
Replied: 8/24/2011
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Answered By: Ursula G. Barrios Law
Up to $1M.
Answer Applies to: California
Replied: 8/24/2011
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Answer Applies to: California
Replied: 8/24/2011
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