Declaring backruptcy: How to convert stocks into an roth-ira?

Question

Due to medical problems I am forced to declare bankruptcy. I have about $1200 in stocks that my grandmother gave me that I don't want to lose and I was told that I should put them into an roth-ira which is sheltered from bankruptcy. I'm new to investing and I don't even know how to cash in stocks, let alone put them into an IRA. How would one go about doing this? Thanks.

Answer 1

You might be able to put them into an account in stock form. Call your local New York Life office and ask them. But make sure it will be sheltered, as doing it in anticipation of declaring bankruptcy might be iffy.