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if i file chapter 7 can i keep an ira account

Date: Mon, 04/22/2013 - 12:09
Submitted by on Mon, 04/22/2013 - 12:09
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i owe about $60,000 i have 34,000 in an ira if i file does that wipe out my ira account?


Depends upon the exemptions allowed in your State but, in most instances, IRAs are exempt. However, even if exempt there may be a window in which contributions can be recovered by the bk Trustee - for example, in Arizona, contributions made within 120 days prior to filing can be taken by the Trustee. Outside of 120 days, the qualified IRA account is exempt.

Des.


Submitted by despritfreya on Mon, 04/22/2013 - 18:12

despritfreya

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