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How does bankruptcy effect my LIRA?

Posted on Tuesday, September 22, 2009

Will I lose the money in my Locked in Retirement account if I declare bankruptcy? and if not can I transfer it from one bank to another bank while in bankruptcy?

1 Comments:

At 11:11 PM, Barton Goth, CIRP, Trustee in Bankruptcy said…

The rules surrounding investments and bankruptcy are very specific and with these rules, the timing of the contributions is the most important thing to look at. With a locked in LIRA, as long as the contributions to this investment have not been made in the last 12 months, then they are considered an exempt asset and are protected should you file for bankruptcy.