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Ask Terry L. Your Own Question
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2889
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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I have no income but I have an IRA. I screwed up and have a

Customer Question

I have no income but I have an IRA. I screwed up and have a house going into foreclosure. If I fill bankruptcy on the loan on the house will it be denied because I have the IRA?
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 6 years ago.

Terry L. :

Hi and thank you for your question. In the future, you can request me to answer any further questions.

Terry L. :

IRA's are exempt in bankruptcy, therefore, the asset is not part of your bankruptcy estate and would have no impact on your case. If you wish to walk away from the home, you can surrender it in a chapter 7 and discharge it. The IRA will not impact the filing.

Terry L. :

Thanks for your question, good luck.