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Bankruptcy Advice 500k Covid EIDL with PG
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Business is down 50% since covid and not sure how much longer I can hang on. I have some assets in a retirement account. Will BK preserve those assets and discharge the covid eidl ?
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Please do not spread misinformation.
Federal law protects traditional and Roth IRAs up to a certain limit, which is adjusted for inflation every three years. As of 2023, these IRAs are protected up to a balance of $1,512,350. SEP IRAs, SIMPLE IRAs, and most rollover IRAs are fully protected in the event of bankruptcy, as are 401(k) accounts.