Increasing life spans and the demise of pension plans is why filing bankruptcy now makes sense. Old debt has a way of sucking the air out of today’s budget. You can’t make repairs to your car or see to needed health care or accumulate an emergency cushion because you’re still paying for stuff you bought […]
Everyone gets the $1M + bankruptcy exemption
Bankruptcy exemptions vary from state to state, but everyone gets an exemption of ~$1.75 M for money in an IRA. It’s part of the Bankruptcy Code (section 522(n)) that applies to all filers, wherever they live. The exemption covers both classic, before-tax IRA’s and Roth IRA’s that are funded with after-tax dollars. Roll-overs into an […]
Stay At Home Doesn’t Mean Get Left Behind At Retirement
Just because you don’t work outside the home doesn’t mean you can live on nothing in your old age. If you are married and your spouse has qualifying income, you can contribute to a spousal IRA. And you should. The IRA rules for a nonworking spouse are essentially like the rules for an employed person: […]
