Are HSA accounts a protected asset in a bankruptcy?

Get Legal Help Today

secured lock Secured with SHA-256 Encryption

Are HSA accounts a protected asset in a bankruptcy?

In MO.

Asked on September 1, 2010 under Bankruptcy Law, Missouri

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

From what I have read about HSA accounts created under the law and applied to Montana residents, as well as the exemptions in Bankruptcy that are permitted in Montana, it does not state that they are specifically exempt or that they may qualify under the tax laws that basically allow any retirement benefit that qualifies under the IRS Code sections 410, 402, 403, 408 and 408(a).  These accounts are a hybrid so to speak and there is talk in certain states of adding them to the exemption list but it is a state by state rule.  Your best bet is to ask your trustee in Bankruptcy (or the attorney helping you file) to see if the reforms are coming or have finally arrived.  Good luck.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption