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Retirement Planning

Bankruptcy Attorney Brian Barta > Retirement Planning

Inherited IRA Retirement Account Could Be Exempt From Bankruptcy

Many people fear losing everything they own if they pursue bankruptcy, but that is not the case. As just one example, federal law generally provides for the exemption of retirement funds from bankruptcy proceedings, if the funds meet the applicable requirements under the law. This exemption may apply even if those retirement funds were inherited from a parent, as demonstrated when the United States Bankruptcy Court discussed the issue in the Chapter 7 bankruptcy case of In re Trawick. A retirement account ...

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Why Borrowing Against Your 401(K) May Be a Bad Idea

401K retirement borrowing

Twenty-five percent of Americans have made early withdrawals from their retirement plans using a 401(k) loan, according to a recent report by online financial guidance service HelloWallet. However, many people who tap into their retirement funds may do so without being fully aware of the risks involved in doing so. Particularly in the aftermath of the recent recession, people who borrow against their retirement savings often do so to pay off other, higher-interest debt such as credit card balances, vehicle loans or medical bills. Others use the funds to make ends meet when dealing with unexpected financial difficulties such as a...

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