What are the Limits to Retirement Exemptions in Utah Bankruptcy Cases?
There are limits to the amount of money that may be exempt from bankruptcy proceedings. This applies to retirement accounts and plans as well. At the time of this writing, federal bankruptcy law allows for a retirement exemption of IRA assets of up to $1 million. Additionally, a person filing for bankruptcy can roll assets from a qualified employer retirement plan into an IRA with full protection of the rollover amount in bankruptcy. This is true regardless of the state in which the filer resides. If you have a pension plan, 401(k) or 401(a) plan, the full amount will be exempt under federal law, even if it exceeds $1 million. If you would like to find out more about how your retirement plan may be affected by bankruptcy, feel free to contact our firm to discuss your particular matter with an experienced bankruptcy lawyer. With our experience and knowledge of these matters, we can accurately evaluate your situation and determine whether you may qualify for retirement exemption, and if
