Retirement Plans Offered Protection Under New Bankruptcy Laws
If you are thinking about filing for bankruptcy because of extreme financial difficulty, you should know that your retirement assets are offered some protection under the new bankruptcy reform. While IRAs are given a limited amount of protection, your assets held in some work-related plans are given full bankruptcy protection. In addition, any further rollovers from these exempted plans into existing IRA accounts are likewise protected.
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In order to protect additional retirement assets from a declaration of bankruptcy, you might be required to demonstrate that the assets meet certain guidelines established by the bankruptcy reform laws. For example, to protect additional retirement funds, you might be asked to show that (1) the funds are in compliance with IRS codes and that (2) if they are not in compliance, you are not responsible for the compliance failure.
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