Q&A (back to index)
Bankruptcy
Posted by Anonymous on 12/08/2010 - 11:46
- 1668 reads
a Sift Media publication
Over 23,000 pages of accounting passion and insight! |
Welcome Visitor!
Sign up for the Weekly Insight newsletter to stay informed of future content in this category.
Already have an account? Sign in:
Forgotten your password?
Join us
Connect with us
Follow us
Connect with us
Follow us
a Sift Media publication
Over 23,000 pages of accounting passion and insight! |
It depends...
The answer to this question is going to depend upon your state's bankruptcy laws. Pensions are exempt under federal bankruptcy laws, but state law does not have to follow the federal exemption list. Therefore, amounts in a pension plan may be completely exempt from seizure, they may be exempt from seizure up to a certain dollar limit or they might not be protected at all. For example, North Dakota's bankruptcy exemption amounts include Roth IRA's but are subject to a relatively small exemption amount.