Retirement Assets
After filing for bankrupcy, can retirement assest be touched by the courts? Can contributions still be made to qualified retirement plans?
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Read More Answered By: Matthew Nahrgang |
Re: Retirement Assets Prior to the Code being amended in 2005, IRAs were at risk. However, the Code now provides an exemption for most, if not all, retirement accounts.
Regarding contribution, you are only permitted to show as expenses those expenses necessary for your maintenance and support. The Third Circuit, which is the Court of Appeals just below the Supreme Court, has determined that such contributions are not necessary for your maintenance and support. So if you can contribute, and your other expenses leave you with little or no disposable income, you may qualify for Chapter 7.
I trust this answers your question, but feel free to call or E-mail me on a free initial basis.
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