Legal Question in Bankruptcy in Georgia

Investment fund exemption

I'm planning to file either Chapter 7 or 13 bankruptcy.

Years ago my mother opened a tax-free income fund for me intended for my retirement- she's added money annually to it. The purpose is to reduce inheritance taxes on her death. I do not receive the statements nor have anything to do with it- it is under her control, but the name on the fund is now in my name, not hers. The account value is now approximately $150,000. I am not allowed to "touch" the funds until my retirement per verbal aggreement with my mother. My unsecured debt is approximately $100,000. Will this fund that's in my name be a problem or be tapped into if I file bankruptcy? And am I allowed to keep my Roth IRA that I've opened, plus a retirement fund from a former employer?


Asked on 5/19/00, 3:39 pm

1 Answer from Attorneys
Ken Koury Kenneth P. Koury, Esq.

Re: Investment fund exemption

you are allowed to keep retirement funds like IRAs and 401ks. the fund your mother set up is not going to qualify. you need to sit down with a lawyer and do some serious pre-bankrupcy planning.

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Answered on 7/13/00, 1:39 am


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