two "simple" bankruptcy questions?


J

Jeffrey Krantz

I am involved in litigation with an ex partner and should hopefully win. But
I have learned that knowing the downside is also a good thing.
We are in New York State/

The simple questions:
a- are IRA's exempt from creditors??? I know that a 401 is, and I know that
a Keogh is, but is a common IRA attachable in a judgement???
Is is saved in a bankruptcy [under 100K]

b- This is a business litigation in which my wife had no connection, nor was
she named. In the event of judgements, are my wife's assets attachable in
any way shape or form???
and if a person declares bankruptcy [lets say, I have a judgement against
me and am forced to declare] does my wife have to also???
 
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J

Joe

The simple questions:
a- are IRA's exempt from creditors???

As I am learning, that is not necessarily a yes or no question. It may
depend on the state, your individual financial situation, and
(possbly) whether you file under state or federal guidelines. In MN
for example they are not always exempt.
 
B

Brett Weiss

Both questions are specific to NY law, and I'm afraid that I don't practice
in NY. I'd suggest speaking with a local attorney.

--

Brett

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* Personal Injury/Malpractice Bankruptcy *
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* BRETT WEISS, P.C. *
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* Maryland, D.C. and Federal Bars *
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The Small Print: This response is for discussion purposes only. It isn't
meant to be legal advice and you shouldn't treat it as such. If you want
legal advice, speak with a local lawyer familiar with your state's laws who
can review *all* of the facts and the law applicable to your situation.
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R

Rob Stumpf

Jeffrey Krantz said:
I am involved in litigation with an ex partner and should hopefully win. But
I have learned that knowing the downside is also a good thing.
We are in New York State/

The simple questions:
a- are IRA's exempt from creditors??? I know that a 401 is, and I know that
a Keogh is, but is a common IRA attachable in a judgement???

In New York, generally, no. You have to watch out for rollovers in
certain circumstances.

Is is saved in a bankruptcy [under 100K]
Should be okay.

b- This is a business litigation in which my wife had no connection, nor was
she named. In the event of judgements, are my wife's assets attachable in
any way shape or form???
I doubt it, but I would make sure everything was listed.



and if a person declares bankruptcy [lets say, I have a judgement against
me and am forced to declare] does my wife have to also???
No.



Rob Stumpf, Esq.
Stumpf & Ginter, Attorneys
Practicing in NY and NJ

DISCLAIMER: Any email or newsgroup posting is for discussion purposes
only, is NOT legal advice and does not establish any sort of an
attorney client relationship...if you have any questions regarding a
specific situation you should consult with an attorney in your
jurisdiction.
 

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