This is understandably a major concern for many people considering filing for bankruptcy. The good news is that under most circumstances, you can keep your retirement accounts, such as 401ks and IRAs, if you file for bankruptcy. It is important to note that federal law caps the protected amount for some accounts. And, in a few limited situations, your retirement accounts might not be safe from the claims of the bankruptcy trustee and your creditors. #ERISA v. #NON-ERISA Qualified Plans The type of protection the law provides for your retirement account depends on whether it’s an ERISA (Employment Retirement Income Security Act) qualified plan or a non-ERISA plan. ERISA-qualified plans. An ERISA plan is established by an employer, meets certain IRS guidelines, and is tax exempt. Non-ERISA-qualified plans. The most common type of non-ERISA plans are IRAs (Individual Retirement Accounts). . ERISA-Qualified Retirement Plans If you have a ERISA-qualified account and file fo
Timothy Sumer is a philanthropist and motivational speaker empowering young entrepreneurs across the nation. He speaks on starting new businesses and the importance of branding in the digital age. Timothy Sumer has a BA in Accounting from NYU and a Masters in Information Technology from MIT. Tim enjoys traveling around the globe, driving exotic sports cars, molecular gastronomy, exploring new cultures, and keeping on top of the latest technology trends. Hope you enjoy Timothy Sumer's page :)