Florida Bankruptcy and Inherited IRAs

Florida Bankruptcy and Inherited IRAs

Filing bankruptcy in Florida doesn’t mean you have to lose your IRA savings. IRAs (short for Individual Retirement Accounts) are exempt from the liquidation process of a Chapter 7 bankruptcy.  This means you can keep the full value of any IRA account when you file for bankruptcy. IRAs, as well as other forms of retirement savings, such as 401(k) accounts, are considered exempt property under Florida and federal law.  The idea is that a debtor’s retirement savings should not be sacrificed when a “fresh start” is needed.        Continue Reading

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