If I file for a bankruptcy will this impact my spouses or my own I.R.A. accounts, cash value life insurance accounts, or jointly owned land?
In general, your filing bankruptcy will not affect your spouse’s property. In a Chapter 7 Bankruptcy, the Trustee will be able to take property which you own if it is not exempt. The Trustee cannot take property of your spouse even if it is not exempt. Unfortunately, the answer is not so easy if you own property with someone else, including your spouse. Whether the property may take only your interest in the property, or all of the property depends on the nature of your ownership in it. If you own property jointly with anyone, including your spouse, the Trustee may take your share of the property. The Trustee cannot take the joint owner’s share. However, dividing the property between the joint owner and the Trustee may require that the property be sold. You should be able to keep your SEP, IRA and 401K plans. In New Jersey, IRAs are exempt–except for deposits made within six months before filing–and EISA plans (which 401K and other retirement plans would ordinarily be) are also prote
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