Yes. In most cases a true retirement account is
“exempt” from the assets that must be included in the bankruptcy estate and
disbursed to creditors. However, please
make sure that your retirement account is a true IRA or federally protected
tax-deferred account, and not simply a brokerage account you have set up and
refer to as your retirement nest egg.
These set-aside accounts are not tax advantaged and are NOT protected in
bankruptcy.
Complex state and federal laws
govern the retirement account systems and their protection scheme under federal
bankruptcy laws. Details like how long
you have lived in Georgia and even a case pending before the US Supreme Court
(as of the writing of this blog) can impact how safe your retirement funds are
from creditors. Because your future is
at stake, I recommend consulting my law firm for a free consultation before
filing a bankruptcy case.
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