QUESTION

While awaiting disposition of a chapter 7 bankruptcy filing, does the debtor cede operational control of tradeable stocks in an IRA to the trustee?

Asked on May 24th, 2012 on Bankruptcy - Massachusetts
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1 ANSWER

Bankruptcy Attorney serving Burbank, CA
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I would have to research this issue to be 100% certain, but I believe that IRAs, as with other qualified retirement accounts, are not property of the bankruptcy estate by definition and, therefore, the Trustee has no interest in or control over them unless, and to the extent that, they exceed the statutory exemption amount (which is over one million dollars). Mark J. Markus, Attorney at Law Handling exclusively bankruptcy law cases in California since 1991. http://www.bklaw.com/ bankruptcy blog: http://www.bklaw.com/bankruptcy-blog/ Follow Me on Twitter:  @bklawr
Answered on May 24th, 2012 at 3:57 PM

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