Ira exemption

ronniej

Junior Member

Bankruptcy Newbie

Joined: Sep 2008

Posts: 27

State: Florida
#1

Ira exemption

11-12-2008, 08:29 AM

I know everyone says IRAS are exempt what if you have $50K or $100k in your IRA they still can not touch it?

What about SEP IRAS?

Thank you

May your ups and downs be in bed.
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lrprn

Senior Member

Bankruptcy Guru

Joined: Apr 2006

Posts: 9546

State: Kansas
#2

11-12-2008, 07:42 PM

Originally posted by ronniej View Post

I know everyone says IRAS are exempt what if you have $50K or $100k in your IRA they still can not touch it?

That's right. Your trustee cannot touch any money held in a legitimate retirement account.

What about SEP IRAS?

Any money in a legitimate retirement account on the day you file bankruptcy is safe from seizure to pay your creditors.

I am not a lawyer and this is not legal advice nor a statement of the law - only a lawyer can provide those.

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