Are Annuities Exempt in Bankruptcy?
Whether annuities are exempt in bankruptcy depends on
1. when was the annuity purchased?;
2. how was the annuity funded?;
3. what are the annuity’s payment terms?;
4. what exemptions does your state provide?; and
5. how you and your attorney apply your exemptions to protect your assets.
It’s advisable to consult a bankruptcy attorney about the details of your situation.
What is Bankruptcy?
Bankruptcy is a legal process that allows people to wipe out their debt or make payments on their debt based on what they can afford.
Are annuities safe from creditors?
Can an Annuities be Garnished?