Legal Question in Bankruptcy in Iowa
Can an IRA be used in a bankruptcy filing
I have an IRA that is in my control. It is from a profit sharing plan from my last employer. If I file bankruptcy can it be "taken away" or used in any way? I did not contribute any monies to this IRA.
1 Answer from Attorneys
IRA subject to bankruptcy estate
If you file for Chapter 7 where you are liquidating your bills, whether your IRA can be taken by the trustee to distribute to your creditors depends on what exemptions are available under your state's homestead laws. You should look them up yourself because I am not familiar with Iowa laws. In Nevada, pensions are exempt from the estate provided you correctly take the exemptions.
That's why you hire an experienced bankruptcy attorney.
If you file for Chapter 13, you will be repaying your creditors in order to keep all of your property.
Good luck!
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