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In the 34 years I have been practicing bankruptcy law in Massachusetts, we have been informing clients that their Individual Retirement Accounts (IRAs) are generally exempt from creditors in bankruptcy.  As are 401ks, Keogh plans, and so forth.  You simply declare on your Petition and Schedules what your retirement accounts are, provide documentation as to the balances, and the bankruptcy trustee considers them exempt from your creditors.

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Seniors Filing for Personal Bankruptcy 2018 Update

The number of seniors coming to our office for consultations for Chapter 7 personal bankruptcies is rising.  After 33 years of practicing bankruptcy law in Massachusetts, I have antidotal evidence of trends in filings.  After the 2008 recession, we had a huge rise of middle age and middle-income folks who came in and just could not afford their mortgage payments.  They defaulted on home loans, were forced to move out, but got a Fresh Start, under federal bankruptcy law.

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Chapter 7 Bankruptcy Fraud and Income Tax Evasion

This blog has repeatedly reported on what not to do when filing for personal bankruptcy protection and getting a “fresh start” and the reports come down to this:  do not submit false testimony, be honest in your bankruptcy petition and schedules, and fully disclose your assets and liabilities to your attorney so he or she can make a plan for you to discharge you debts, if possible.

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