Legal Question in Bankruptcy in California

Re: BK and IRA and annuity accounts

Generally IRAs are going to be almost certainly totally protected under one of the California exemption systems and are often protected under the other system. What is of concern is what other assets you have that may not be protected under the one that gives the IRA the most protection. As to the one that is more "iffy" whether it is protected will depend on many issues from age, health, other retirement benefits available, dependants and more. I would not be able to give you a complete and accurate answer without more information. You can find out more about the California exemption systems on my law firm web site at www.ca-bankruptcy-attorneys.com. If you want a free consultation I can provide one either in my Sacramento office or by phone. I am a California State Bar certified bankruptcy specialist (about 93 in the whole state the last I checked) and have practiced bankruptcy law for more than 26 years. There is no obligation with this free consultation. You can get a "second opinion" and still proceed with your other attorney if you want to.

Re: BK and IRA and annuity accounts

I'm not sure how the trustees act in your neck of the woods. Generally, if the IRA is liquid, then the trustee might not have much restraint. It could depend on whether you're ill, unemployable, nearing retirement age, have young kids, total amount in IRA, etc. There are many variables.