Is Your Education Savings Account for Your Child’s Future College Expenses Safe During Bankruptcy?
Call: 888-297-6203 Dallas based bankruptcy law firm https://recoverylawgroup.com/ informs that Internal Revenue Code Section 529 allows parents and grandparent to set education savings account for the future college expenses of their child (or grandchild). These accounts can only be set up in the name of the person establishing them (parent or grandparent) and the funds also belong to them. When such an individual file for bankruptcy, they need to disclose these funds as an asset in their bankruptcy petition. Most people are worried about losing the fund when they disclose them as assets during a bankruptcy filing. However, [...]