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can i close out my IRA due to no income and be ok before mt chapetr 7 is final?

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dlrucker Joined: 25 Feb 2010 Posts: 1 1.24 Dollars($)	Posted: Thu Feb 25, 2010 12:16 pm    Post subject: can i close out my IRA due to no income and be ok before mt Like 0 Dislike 0 I have no income and the only means of income is my IRA. Can I cash out my IRA before my chapter 7 is final?
sara Moderator Joined: 05 Jul 2006 Posts: 2642 Location: New Brunswick, New Jersey 488.01 Dollars($)	Posted: Fri Feb 26, 2010 3:02 am    Post subject: Like 0 Dislike 0 Hi dlrucker, As far as I know, a borrower facing bankruptcy can exempt his/her IRA from the bankruptcy estate. The IRAs receive the same protection as any other retirement plans. However, before cashing out the IRA, I would suggest you to have a word with your bankruptcy attorney and then take a decision. Take care.

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