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Can you transfer money from a savings to a retirement account and file bankruptcy?
Wiki User
∙ 11y ago
Sure. But expect the trustee to want that money, unless the amount in the savings account was exempt. Transfers of assets otherwise available to the bankrupt estate for the purpose of filing bankruptcy is a federal crime. Consult an experienced bankruptcy lawyer, since there are permitted transfers.
Wiki User
∙ 11y ago
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How would one open an IRA retirement savings account?
One would need to make a visit to a bank in order to open an IRA retirement account. Once a bank visit was made, savings can be deposited and saved for retirement.
What kind of savings account is 401k?
A 401k is a retirement savings account which has very strict rules and regulations concerning deposits and withdrawals.
How could one start a retirement savings account?
You can start a retirement savings account in many different ways. You can go to your local bank branch, and they will be able to help you make a account. Sometimes, you can also make a account by going to your banks website.
What is a Retirement Savings Account?
A retirement savings account will never be named as such, but there are certain types of investments that simply work best when saved for retirement. Among them - The annuity. Many annuities have maturation periods that go until retirement, and most have a surrender fee that must be paid if money is taken out of there early. IRAs. The IRA is a retirement account that is named a retirement account, but investors should know the difference between the IRA and the Roth IRA, and the instances in which they could take advantage of both types.
How does one go about opening an IRA retirement account?
Opening an IRA retirement account is a fairly easy process. You need to go to your local bank's branch and specifically designate a savings account for this purpose.
Can you declare bankruptcy if you have retirement account and savings account?
Yes, you can file a Bankruptcy if you have a retirement account. Most retirement accounts are not considered to be part of the bankruptcy state, and are out of the creditors' reach. This includes traditional 401(ks), IRAs, government retirement accounts such as CalSTRS and more.
Do they close your current bank account when filing for bankruptcy?
No they do not close your Checking or Savings account
Health Savings Account (HSA) Goal Calculator?
Health Savings Account (HSA) Goal CalculatorAre you looking at the Health Savings Account (HSA) as a retirement account? Do you have an amount in mind that you want to carry over into retirement? This calculator will help you determine what you need to do in order to reach your goal.
How would one open an IRA retirement savings account?
One would need to make a visit to a bank in order to open an IRA retirement account. Once a bank visit was made, savings can be deposited and saved for retirement.
What kind of savings account is 401k?
A 401k is a retirement savings account which has very strict rules and regulations concerning deposits and withdrawals.
What do the people do to deposit their saving in a bank?
To deposit their savings in a bank, people typically visit the nearest bank branch or use online banking services to transfer funds from their personal account to their savings account. They can also deposit cash or checks into their savings account through an ATM or mobile deposit.
How could one start a retirement savings account?
You can start a retirement savings account in many different ways. You can go to your local bank branch, and they will be able to help you make a account. Sometimes, you can also make a account by going to your banks website.
Can a creditor put a hold on your savings account after you claim bankruptcy?
When you file for bankruptcy, all your assets are revealed to the trustee and basically frozen. No, a creditor probably won't put a hold on your savings account after you file but they can until your bankruptcy is discharged. Usually a letter from your attorney saying you have filed bankruptcy will stop this action.
Can you still claim bankruptcy with a savings account Can I still keep my savings during a BK?
Probably not; it depends on what the court arranges for you.
Do you lose your RRSP's when declaring bankruptcy?
While registered pension plans [RPPs] are exempt from seizure in bankruptcy situations, most Registered Retirement Savings Plans [RRSPs] are not.
Does the savings account have to do with financing?
Yes, savings account definitely has to do with financing. It basically determines how much money you have saved up for your retirement, and with it, you need to be able to finance it.
What factors do retirement calculators account for?
Retirement calculators can merely estimate your retirement budget based on your present amount of savings and retirement investments. They should take into account a comfortable lifestyle as well as unplanned emergencies that may arise.
