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 »

Bankruptcy / Medical Bills

Medical Bills May Surpass Credit Card and Mortgage Debt as Leading Cause of Bankruptcy

A recent study continues to confirm one of most leading causes of consumer bankruptcy: medical bills. Yet, the study also brought to light other significant points that may hint medical bills may become the number one reason why bankruptcy is filed.  Unpaid medical bills may surpass mortgage debt and credit card debt for various reasons,… Read more »

Bankruptcy / Chapter 13 Bankruptcy / Chapter 7 Bankruptcy

Getting Rid of Back Taxes in Bankruptcy and What You Should Know

Bankruptcy can help you eliminate back income taxes depending on your situation and qualifications. You can file Chapter 7 bankruptcy to discharge tax debt that qualifies under the bankruptcy code. If your debt does not meet these qualifications, you may consider Chapter 13 bankruptcy to help you repay what you owe based on your income… Read more »