Berkshire_Bull
Recycles dryer sheets
- Joined
- Sep 7, 2004
- Messages
- 174
Just came out on CNBC: Supreme Court rules that creditors may not sieze IRA's. Does that protect IRAs from lawsuits as well?
I couldnt' imagine this applying to that many people.
How many individuals are savy enough to save a large net egg for retirement in an IRA, yet poor enough with their financial management to bring themselves to bankruptcy (no emergency fund, excessive borrowing, etc). Seems like an oxymoron.
Got another real one for ya...
According to the "Two-Income Trap" the sad stories happen far more frequently than the frivolous spenders. Out of 2000+ bankruptcies studied in 2001, 87% were job loss, medical problem, or divorce/separation.I tend to tell the sad bankruptcy stories, like the person who gets cancer, loses his job, his house and then needs to file bankruptcy. This and similar situations happen way too often.
You won't be saying that when the Dead or Alive posters go up.. . . It's always nice to be wanted.
Martha-
Do you think that the reasoning in Rousey v. Jacobs extends to Roth IRA's? I would think that it might not since Roths can be withdrawn penalty free after 5 years. The decision appears to put a lot of weight on the 10% penalty.
rapoole