Greetings:
I have read that any money that one has saved in a retirement account, such as a Roth IRA, is protected from creditors when filing for Chapter 7 Bankruptcy.
Please correct me if I am wrong on this.
During the past 12 months, due to financial hardship, I wound up having to liquidate my entire retirement savings, most of which was in my Roth IRA.
Right now I have no retirement savings and no Roth IRA. Or if that Roth IRA is still there "on paper", there is no money in it.
I do want to get my Roth IRA going again. To do so, I will have to start small and contribute whatever I can afford each month.
However, my financial circumstances still point to filing for Chapter 7 bankruptcy as a viable solution to my financial problems.
Here are my questions:
Can a person start a Roth IRA, and deposit money into that Roth IRA, the day before filing for Chapter 7 bankrupcy?
How about on the same day as filing for Chapter 7 bankruptcy?
The day after?
In other words, can I do both at or about the same time?
Those are my questions.
Any and all replies will be deeply appreciated.
Thanks in advance.
Dennis
I have read that any money that one has saved in a retirement account, such as a Roth IRA, is protected from creditors when filing for Chapter 7 Bankruptcy.
Please correct me if I am wrong on this.
During the past 12 months, due to financial hardship, I wound up having to liquidate my entire retirement savings, most of which was in my Roth IRA.
Right now I have no retirement savings and no Roth IRA. Or if that Roth IRA is still there "on paper", there is no money in it.
I do want to get my Roth IRA going again. To do so, I will have to start small and contribute whatever I can afford each month.
However, my financial circumstances still point to filing for Chapter 7 bankruptcy as a viable solution to my financial problems.
Here are my questions:
Can a person start a Roth IRA, and deposit money into that Roth IRA, the day before filing for Chapter 7 bankrupcy?
How about on the same day as filing for Chapter 7 bankruptcy?
The day after?
In other words, can I do both at or about the same time?
Those are my questions.
Any and all replies will be deeply appreciated.
Thanks in advance.
Dennis
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