Protecting Your Retirement Accounts in a Bankruptcy

There is a common misconception among many individuals that are considering filing bankruptcy. Many people are under the impression that they will lose all or a portion of the money in their retirement accounts once they file a bankruptcy. This concern is most common among individuals considering a chapter 7 bankruptcy, which can sometimes lead to the liquidation of one’s assets.

All individuals who file bankruptcy in the United States are entitled to a certain amount of exemptions that protect their real or personal property from creditors. For many individuals, the thought of having their assets “liquidated” can be very unsettling. This is especially scary for those individuals who have worked very hard to set aside a significant amount of money in preparation for their retirement.

Florida Statute 222.21 provides exemptions for specific types of retirement accounts, allowing an individual to protect retirement funds that are in accounts exempt from taxation under specific sections of the Internal Revenue Code. Some of the more common types of retirement accounts that qualify for this exemption are Roth IRAs, Traditional IRAs, 401(k) plans, 403(b) plans, and pension plans. If the money saved within these accounts is exclusively derived from retirement or pension plans, the funds may be completely protected from liquidation within a bankruptcy. Money that has been transferred or rolled over directly from one tax-exempt fund or account to another is also protected. The full balance of a qualified retirement account, annuity, pension fund, or comparable tax-exempt account is exempt under this particular retirement exemption.


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