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Mortgage Community Forums | Loan Talk for First Time Home Buyers | If I surrender a vehicle to an institution to where I have a IRA, do they have the right to retain the funds in the IRA account to cover the amount owed? This vehicle is not valued even close to what is owed.

If I surrender a vehicle to an institution to where I have a IRA, do they have the right to retain the funds in the IRA account to cover the amount owed? This vehicle is not valued even close to what is owed.

Posted on: 09th Jul, 2010 08:04 am
I have an IRA at an institution where I have a car note. If I file chapter 7 and surrender the vehicle do they have the right to retain the funds in the IRA account to cover their loss on the vehicle loan. This vehicle is not even close to be worth the balance on the loan.
Hi dgunter,

Retirement income and social security income are exempt when you file bankruptcy. Though you have the car note with the same financial institution with whom you have the IRA account, they cannot come after your IRA account in order to recover their losses.

Thanks
jameshogg
Posted on: 10th Jul, 2010 12:42 am
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