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Retirement Accounts Are Exempt From Bankruptcy

What many people do not realize is that most retirement accounts are exempt from bankruptcy. This means the accounts will not be used to pay off debts. Some people cash out their retirement accounts trying to avoid bankruptcy not understanding that the accounts will be safeguarded during the proceedings. The accounts that are protected are generally the ones that are tax-exempt per the Internal Revenue Code. They include the 401(k), 403(b) deferred compensation plans, pension plans, and an IRA. The IRA exemption is particularly beneficial to many senior citizens forced to file bankruptcy to get relief from medical bills. The retirement accounts are exempted from bankruptcy so that people starting over financially are able to work on a secure future knowing their retirement funds are protected from debtors. It is important to use an experienced bankruptcy attorney who is current on the tax and bankruptcy laws.

Fast Facts

  • There was a 32% increase in consumer bankruptcies in 2009 compared to 2008
  • Senior citizens account for approximately 22% of all personal bankruptcy filings

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