Retirement Accounts (IRA's, 401k's, pensions and social security)

“Qualified” retirement accounts are fully exempted in bankruptcy up to $500,000 per person. This means that if you file for Bankruptcy, you can keep all amounts in these accounts up to $500,000 per person. “Qualified” retirement accounts are defined in the Internal Revenue Code and include most IRA’s, 401k’s, SEP’s, and pensions. In addition, Social Security and retirement payments are also exempt and fully protected.