Legal Question in Bankruptcy in Florida
Bankruptcy and IRAs
I have a small IRA acct worth about $57,000 and am seriously considering filing bankruptcy due to heavy credit card debt. I have looked into cashing that IRA in to pay for that debt but the IRS will take a large part of it not to mention the penalaties of the fund. If I file for bankruptcy will they take that IRA to pay the creditors?
Asked on 6/23/08, 7:50 pm
2 Answers from Attorneys
Paul Daley
Daley Law
Re: Bankruptcy and IRAs
Your IRA is protected.
Answered on 6/23/08, 8:07 pm
Alexander M. Rosenfeld
Rosenfeld & Stein, P.A.
Re: Bankruptcy and IRAs
Do not cash your IRA account. The answer to your question is no.
Answered on 6/23/08, 8:08 pm
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