Are Funds in an Inherited IRA Protected in Bankruptcy?

The Supreme Court finally addressed the issue of when an IRA does not count as a retirement account. For nearly ten years, the question of whether inherited IRAs are protected during bankruptcy has gone unanswered. Finally, the Supreme Court has answered it with a unanimous no. In Clark v. Rameker, Heidi Heffron-Clark filed for bankruptcy… Read more »

Chapter 13 Bankruptcy / Chapter 7 Bankruptcy / Debt

Do You Have to Repay What You Owe in Bankruptcy or Can I Eliminate All Debts?

The answer depends on which chapter you file. Chapter 13 bankruptcy is court-approved repayment plan that helps debtors make affordable payments on debt obligations. Chapter 7 bankruptcy can eliminate qualifying debts through a discharge approved by the court. Once you have a better idea where you stand with your finances and how you qualify for… Read more »