QUESTION
Can you withdraw money from IRA account while in chapter 13 bankruptcy?
Asked on May 28th, 2016 on Bankruptcy - Oregon
4 ANSWERS
You can withdraw money from your retirement while in Chapter 13, but it is income and will need to be reported to your trustee. Frankly, unless you have an emergency, I would discourage you from taking out this money.
Answered on Jun 24th, 2016 at 6:42 PM
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If you have exempted the IRA and the time for objecting to your exemptions has passed, you can probably make the withdrawal. But if you need the money from the IRA, then you need to take control of your expenditures. It is ultimately a rewarding exercise. Good Luck.
Answered on Jun 24th, 2016 at 6:23 AM
Yes, your IRA account is fully protected from the claims of your creditors and the bankruptcy trustee, so you are free to do what you want with the funds in the IRA.
Answered on Jun 23rd, 2016 at 6:28 PM