bankruptcy ira
Texas bankruptcy: Can you keep your home and 401k/IRA?
I have a friend that has a large business debt he is personally responsible for and is not able to pay it. He’s considering bankruptcy and thinks he has to forfeit his home (residence) and retirement accounts in 401k and IRAs. I think those may be protected. Who is right, are could we both be wrong?
It all depends on what type of a company he has? Is it and S Corp, C Corp, DBA, or LLC. If its a sole propreitorship, DBA then he is correct his personal assets can be liquidated.
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