Bankruptcy protection for IRAs
The limit for bankruptcy protection, as of 4/1/2013, was $1,1245,475, but is indexed on a three-year cycle. Does anyone know what the limit is as of 4/1/2016?
The limit for bankruptcy protection, as of 4/1/2013, was $1,1245,475, but is indexed on a three-year cycle. Does anyone know what the limit is as of 4/1/2016?
Permalink Submitted by Alan - IRA critic on Fri, 2016-04-01 22:00
I cannot locate an updated announcement yet. CPI U increased roughly 3% for 2013-2015. Recent energy reductions may have reduced this over the last 3 months. Rough estimate then 1.03 X 1,245,475 = approx 1,283,000 as a rough estimate. Note that since most states have opted out in favor of state statutes, there are few states that would be subject to this limit for contributary (non rollover) IRA accounts. Perhaps there will be a formal announcement very soon.