Q: I would like to file for bankruptcy. Would my IRA be taken?
The IRA is in land which would have to be sold. The land must be sold as one piece which equals more than my debts. I don't want to have to sell the land.
A: If it is a valid IRA, then it should be exempt in the bankruptcy. That means that if the petition is filled out properly and the exemption is taken correctly, then bankruptcy law says that the IRA should be safe. Sometimes people lose assets that should be safe if the bankruptcy is done carelessly, or by people who don't know what they are doing.
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