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cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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[from Colorado] Hello, I have about $25K in a retirement account;

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[from Colorado] Hello, I have about $25K in a retirement account; if I were to file Chapt 7 bankruptcy, would this be distributed among the creditors?
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 7 years ago.
Hi JACustomer,
What type of retirement account is this?

Edited by Christina Fortunato, Esq. on 7/4/2010 at 11:01 PM EST
Customer: replied 7 years ago.

IRA rollover into a 'cash, money market, deposit' account as I needed to keep it available; also, how much should I be having them withhold for tax purposes - I just increased my fed to 25% (from 10%); state still at 10%

Thank you!

Expert:  cfortunato replied 7 years ago.
If you file a Bankruptcy, you can keep all IRA accounts, so this will not be taken to pay the creditors.
I am sorry, but cannot answer the tax question. We do have a Tax section, though, where you can ask that question.
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