Legal Question in Bankruptcy in Maryland
I am planning on filing chapter 7. Have not decided whether to file single or with my husband. Most debt is in my name although some is joint, including our home. Over the past 2 years I have had to liquidate over $100k in IRA funds to survive. I cannot liquidate the rest or I will have nothing. Will the remaining IRA monies be affected by the bankruptcy?
Asked on 3/03/10, 8:35 am
2 Answers from Attorneys
Laura Margulies
Laura Margulies & Associates, LLC
If you live in MD, you can keep the money in the IRA even if you file bankruptcy.
Answered on 3/08/10, 8:51 am
Daniel Press
Chung & Press, P.C.
Money in an IRA is always exempt in bankruptcy, subject to a $1 million cap.
Answered on 3/08/10, 4:26 pm
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