Are Retirement Accounts Exempt?

Posted By Jon Cooper || 11-Apr-2011

If you are considering bankruptcy as an option to get out of your financial troubles, you may be wondering whether you can keep your retirement account. The basic rule is that you can protect your accounts “to the extent they are reasonably necessary for the support of the debtor and any dependent of the debtor.” However, the account must be of the type that “qualifies under Section 401(a), 403(a), 403(b), 408 or 408A of the Internal Revenue Code. Assuming you have the right type of account, the amount you can have in it while filing for bankruptcy can be quite large.

Of course if you have this type of asset, or any other assets for that matter, it is imperative you speak with a qualified bankruptcy attorney to evaluate your situation so you can be sure to protect all of your assets.

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