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Jax Tax
Jax Tax, Tax Attorney
Category: Tax
Satisfied Customers: 1408
Experience:  JD, LL.M in Business and Taxation, IRS Enrolled Agent. Expert in Business and Tax Transactions
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Can my credit union seize my Roth IRA account funds to cover

Customer Question

Can my credit union seize my Roth IRA account funds to cover other credit card and Line of Credit loans with them if I file for bankruptcy?
Submitted: 5 years ago.
Category: Tax
Expert:  Jax Tax replied 5 years ago.

Jax Tax : IRA accounts are exempt property in bankruptcy. So, no.

My bankruptcy attorney was unsure about this particular issue, if the credit union may have a clause regarding payment policies for the credit card/line of credit loans in case of default. If unequivocally IRAs are exempt, great, if not, should i


(sorry - hit send too early) ... withdraw the funds to salvage what I can?

Jax Tax and other Tax Specialists are ready to help you
Expert:  Jax Tax replied 5 years ago.
Do not withdrawal the funds. They will be subject to bankruptcy seizure if you do. You need a new attorney.