Legal Question in Bankruptcy in Illinois

IRAs in Illinois protected in Backruptcy?

Q-Are my IRA accounts protected from creditors in a

backruptcy filed in Illinois?

Q-Are cash advance debts from credit card companies

eliminated during bankruptcy proceedings in the same

way that purchase debts from credit cards would


Asked on 7/28/01, 1:18 pm

1 Answer from Attorneys
Charles Dobra Charles Wm. Dobra, Ltd.

Re: IRAs in Illinois protected in Backruptcy?

(1) IRA are 100% exempt in a bankruptcy. (2)This is a tougher question. It depends on the time, and where you made the cash advance. E.g., if you made your cash advance at "the boat", you MIGHT have a problem.

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Answered on 7/31/01, 8:37 pm


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