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Thanks to bankruptcy law reforms passed in 2005, almost all pension plan funds and retirement accounts are exempt. This means that they cannot be used to pay back creditors if you file for a Chapter 7 bankruptcy. And if you file for a Chapter 13 bankruptcy, having these assets will not affect the amount you must repay your creditors because they are exempt assets. As an added bonus, the entire amount of any exempt retirement accounts are out of reach of creditors. However, there are a few exceptions, including Roth IRAs and traditional IRAs.

The bankruptcy lawyers of Cutler & Associates, Ltd. look forward to meeting you and answering your questions regarding exempt assets and other aspects of filing for bankruptcy.