QUESTION
How can I protect my IRA after the defendants filed Chapter 7 bankruptcy?
Asked on Nov 12th, 2011 on Bankruptcy - Colorado
More details to this question:
I received an arbitration ruling in my favor, and it is in the process of being confirmed as a judgement. The defendents filed for chapter 7 bankruptcy, and rolled everything but a small amount of funds into an IRA. I know there is a cap on contributions to an IRA, but they have already succeeded in protecting their money. Is there anything I can do to collect?
4 ANSWERS
You can collect on your judgment from wage garnishments on any other income, but if their only income is social security and pension they may be judgment-proof.
Answered on Nov 21st, 2011 at 12:49 PM
3 Awards
Yes. You can inform the Chapter 7 Trustee of their case who may make an objection to this action. You can also sue the Debtor to determine you award as non-dischargeable in Bankruptcy.
Answered on Nov 16th, 2011 at 12:25 AM
1 Award
The bankruptcy court can undo this transaction with the proper application. You cannot do it yourself. This is complex bankruptcy litigation.
Answered on Nov 15th, 2011 at 8:36 PM
Tell the bankruptcy trustee. He has the power to undo the transfer if it was improper. Then file a proof of claim. You will get the same percentage as all other unsecured creditors.
Answered on Nov 15th, 2011 at 6:48 PM