Inherited Ira's and Uninsured Motorist Claim's with A Phantom Vehicle

Bankruptcy

Money in a retirement account is exempt and not lost in a bankruptcy case in most circumstances.  An exception to this rule is inherited IRA's.  An inherited IRA would be lost in a bankruptcy filing.  There is no penalty to withdraw from an inherited IRA - just regular income taxes to be paid.  If an inherited amount is not enough to stop the need for bankruptcy, one plan would be to liquidate the IRA, apply proceeds to a house, car, or other household needs, and then consider the bankruptcy filing.

Personal Injury

If a phantom vehicle causes you to leave the roadway and crash, you may be unable to get "uninsured motorist" coverage for injury damages under your own car insurance policy.  Kansas statute 40-284(e)(3) denies coverage if "there is no evidence of physical contact with the uninsured motor vehicle and when there is no reliable competent evidence to prove the facts of the accident from a disinterested witness not making claim under the policy."