QUESTION
Do the proceeds of an IRA need to be exhausted to pay bills before a chapter 13 can be arranged?
Asked on Feb 07th, 2013 on Bankruptcy - Virginia
2 ANSWERS
Bankruptcy Law Attorney serving Warrenton, VA
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New Day Legal
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No! Your IRA is protected when you file for bankruptcy. Do not use it to pay bills. Come see us first. 540-349-3232
Answered on Feb 11th, 2013 at 7:05 PM
Bankruptcy Attorney serving Fairfax, VA
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Law Office of Nancy O. Ryan
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Absolutely not! The Bankruptcy Law protects most retirement savings up to $1 million dollars so you can file a bankruptcy petition (be it Chapter 7 or Chapter 13) and leave your IRA intact.
Answered on Feb 11th, 2013 at 4:18 PM