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Bankruptcy Creditors Can?t Touch IRAs

By: Barbara Weltman

Supreme Court rules funds are protected

Creditors can't touch IRAs when the owner files for bankruptcy, the US Supreme Court has just ruled. IRA funds, including rollovers, are now protected, just like funds in employer-provided pensions, profit-sharing plans and 401(k)s. The Court noted that protecting IRAs "validates the core premise of the bankruptcy law, which is that you get a fresh start-not from scratch, but with the ability to keep some core assets out of the hands of creditors."

 

Barbara Weltman, an attorney based in Millwood, New York, www.barbaraweltman.com.
Original Published date: Originally Published in Bottom Line Tax on Feb 10, 2006

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