I've brought up Roth IRA questions before, and I'm just curious on people's take to the following concept:
Old laws/exemptions (federal) do not exempt a Roth IRA automatically. I can not get a solid yes or no answer on this, although my attorney and I are heavily leaning toward the fact that my Roth IRA will likely be exempt.
New laws/exemptions explicitly exempt Roth IRAs from bankruptcy estate.
I will be filing early next week, probably tuesday or wednesday. By the time my 341 comes around, we will be well into the era of the "new laws".
Do you think that perhaps a BK trustee may give me the benefit of the doubt as far as IRA exemption because the new laws in place at that time specifically exempt the Roth IRA from the bankruptcy estate? Does this kind of thing ever happen? Or will the trustee be hard set in the ways of the old law and not be lenient? If that is the case, I am afraid I will have to fight for my Roth to be exempt.
Did I make any sense here? Maybe I'm just getting more nervous as the time comes for this to go to the courthouse to be filed.
Old laws/exemptions (federal) do not exempt a Roth IRA automatically. I can not get a solid yes or no answer on this, although my attorney and I are heavily leaning toward the fact that my Roth IRA will likely be exempt.
New laws/exemptions explicitly exempt Roth IRAs from bankruptcy estate.
I will be filing early next week, probably tuesday or wednesday. By the time my 341 comes around, we will be well into the era of the "new laws".
Do you think that perhaps a BK trustee may give me the benefit of the doubt as far as IRA exemption because the new laws in place at that time specifically exempt the Roth IRA from the bankruptcy estate? Does this kind of thing ever happen? Or will the trustee be hard set in the ways of the old law and not be lenient? If that is the case, I am afraid I will have to fight for my Roth to be exempt.
Did I make any sense here? Maybe I'm just getting more nervous as the time comes for this to go to the courthouse to be filed.
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