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Are banks coming after retirement accounts?

Posted 03-11-2010 at 06:51 AM by ldahin
I have heard they dont come after IRA, Annunities however on their short sale or modification applications they ask for this information.
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  1. Old Comment
    Depends on the state law for IRAs (401k's protected from judgements by federal law). IRAs also protected in bankruptcy under federal law, but no for any deficiency judgments -- that depends on state law in each state. Some states exempt them from judgments, others don't. In some states there are also differences in protection between traditional IRAs and Roth IRAs. Google "asset protection IRA CPA" -- there is a CPA site out there that summarizes the protections for both types of accounts in each state.
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    Posted 07-11-2010 at 09:35 PM by Quixter Quixter is offline
 

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