Will I lose an annuity IRA within an insurance co. if I go bankrupt?

Asked over 1 year ago - Glenwood Springs, CO

I don't know what more to add

Attorney answers (5)

  1. Deborah F Bowinski

    Contributor Level 17


    Lawyers agree

    Best Answer
    chosen by asker

    Answered . If your annuity is truly a tax qualified IRA annuity then it would remain safe in a bankruptcy filing. Bankruptcy can be quite complex and there is a lot at risk. You would be well advised to consult with and retain an attorney to assist you.

  2. Daniel Nelson Deasy

    Contributor Level 20


    Lawyers agree

    Answered . Ask bankruptcy counsel anything to do with a possible bankruptcy. Good luck.

    In no way am I offering you legal advice, and in no way has my comment created an attorney-client relationship.... more
  3. Diane L Gruber


    Contributor Level 18


    Lawyers agree

    Answered . If it is a real IRA, no.

    Be sure to designate "best answer." If you live in Oregon, you may call me for more detailed advice, 503-650-9662.... more
  4. Richard Edmund Hawkins


    Contributor Level 16


    Lawyers agree

    Answered . Federal law protects properly formed IRAs, even if there is no applicable sate exemption

    If it is just a policy that an insurance salesman likes to call an IRA, you would need to look at the exemptions.

    And take a hard look at it--insurance companies tend to charge several times as much in expenses as companies like Fidelity and Vanguard.

  5. E Dwight Taylor

    Contributor Level 13


    Lawyers agree

    Answered . I agree with my collegues generally, but I don't know what you mean by "an annuity IRA within an insurance co." To get an anwer you can depend upon, visit with bankruptcy counsel and provide a description of the IRA with specificity. Good luck!

    This general response is not intended to be legal advice because I don't have all the facts. The particular facts... more

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Bankruptcy is a legal way for people or businesses who are no longer capable of paying back their bills to clear these debts and start over.

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