Retirement accounts and chapter 7 bankruptcy

iVillage Member
Registered: 01-02-2008
Retirement accounts and chapter 7 bankruptcy
5
Thu, 12-15-2011 - 8:29am

I have read that if someone files chapter 7 bankruptcy that retirement accounts cant be touched and that they are exempt in some states. Dont know what the staute of limitations are though?? How does that work???

any ideas??

thank you in advance

iVillage Member
Registered: 10-01-2008
Thu, 12-15-2011 - 12:14pm

I know that when I filed Chapter 13 in Tennesse in 2009, I was told that retirement savings is safe and off limits to anyone.

Norma


"Patience is the best remedy for every trouble"- Plautus


Community Leader
Registered: 07-26-1999
Thu, 12-15-2011 - 12:42pm

Norma was correct, retirement accounts are normally exempt from creditors and falls under the protection of BK.

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Community Leader
Registered: 07-26-1999
Thu, 12-15-2011 - 12:43pm
Here is one more good article on the subject of retirement accounts:

http://www.bankruptcylawnetwork.com/will-my-retirement-account-be-taken-in-bankruptcy/
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iVillage Member
Registered: 01-02-2008

wow; thank you everyone..

Yes; Live and learn and I will be 58 soon and would like to keep the money I have left for retirement just in case I live long enough.

Unfortunately I dont have anything set up and I am hoping its not too late to put the money into IRA.. and get rid of the debt.

I feel like I have paid so much into things and never have done anything like this but for once I would like to keep my money as I am practically homeless with no job I dont know what else to do at this point..

thoughts??

Community Leader
Registered: 03-17-2003

Hi freeatlast2008.