10/07
Can I keep my retirement plans?
Almost without any exception, the answer is YES!
Missouri protects most types of retirement plans, including traditional pensions, IRAs, Roth IRAs, 401(k)s, 403(b)s, profit-sharing plans and so on, inside or outside of bankruptcy. In addition, bankruptcy law provides additional protection for most of these assets when you fie bankruptcy.
There are some limited exceptions. You may not be able to protect unusual contributions made in the recent past to such accounts. And many of these accounts can be pursued by or for some special creditors -- like child support or some taxes.
However, for most people those accounts are safe from creditors. This is one of the reasons we strongly encourage folks to not touch those accounts to deal with current debt problems -- and to keep up their regular contribution programs, if at all possible.
Further reading: Take Care of Yourself First, Uncle Same Does Asset Protection, Boomers and Debt, Retirement Assets Safe in Bankruptcy
Missouri protects most types of retirement plans, including traditional pensions, IRAs, Roth IRAs, 401(k)s, 403(b)s, profit-sharing plans and so on, inside or outside of bankruptcy. In addition, bankruptcy law provides additional protection for most of these assets when you fie bankruptcy.
There are some limited exceptions. You may not be able to protect unusual contributions made in the recent past to such accounts. And many of these accounts can be pursued by or for some special creditors -- like child support or some taxes.
However, for most people those accounts are safe from creditors. This is one of the reasons we strongly encourage folks to not touch those accounts to deal with current debt problems -- and to keep up their regular contribution programs, if at all possible.
Further reading: Take Care of Yourself First, Uncle Same Does Asset Protection, Boomers and Debt, Retirement Assets Safe in Bankruptcy
