Are HSA accounts a protected asset in a bankruptcy?

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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 13 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.


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