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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Legal
Satisfied Customers: 118131
Experience:  JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
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I let my ex boyfriend take a loan against my IRA now he is

Customer Question

I let my ex boyfriend take a loan against my IRA now he is telling me he is filling bankruptcy. Is there anything I can do. How does this affect me?
Submitted: 1 year ago.
Category: Legal
Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
Unfortunately, he is getting ready to leave you liable for the loan. If he files bankruptcy and this loan is included in the bankruptcy, then your IRA will take the money away from you he borrowed and you cannot make him repay you. You need to file as a creditor in the bankruptcy court and make a claim for recovery of your money that he owes you and you would have to stand in line with the other secured creditors to hope there is some money available to reimburse the loan, but if not your IRA will deduct that money from your IRA and legally you would not have any recourse against him I am sorry to say.