QUESTION
How would bankruptcy affect my retirement plan?
Asked on May 19th, 2015 on Bankruptcy - Michigan
More details to this question:
How will bankruptcy affect your 401(k), IRA, pension, and other retirement plans?
5 ANSWERS
You will need to claim an exemption for any retirement you own and if you receive retirement income, you will need to disclose this in your budget and on the means test.
Answered on May 20th, 2015 at 11:49 AM
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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All qualified pension plans and IRAs of any type are exempt assets in bankruptcy. So, bankruptcy would not affect these plans at all.
Answered on May 20th, 2015 at 9:32 AM
Bankruptcy Attorney serving Madison, WI
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Richard B. Jacobson & Associates, LLC
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Generally all tax qualified retirement and pension plans are outside the bankruptcy estate and therefore unaffected by the bankruptcy. Consult an experienced BR lawyer.
Answered on May 20th, 2015 at 5:09 AM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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Need details but much of retirement is protected.
Answered on May 19th, 2015 at 5:53 PM