Most types of retirement accounts are exempt property in terms of bankruptcy proceedings. This means that you most likely will be able to retain your retirement accounts in the event that you file bankruptcy. 401(k) accounts and pensions are common examples of exempt retirement accounts. Additionally, an IRS is an exempt asset for bankruptcy purposes. Other examples of exempt retirement accounts include profit sharing plans, stock bonuses, and employee annuities. While some of these retirement plans were not protected from bankruptcy proceedings in the past, they are now exempt under current federal bankruptcy laws. There is a cap on the amount of retirement accounts that can be held as exempt, but since this cap is in excess of $1 million, it does not affect most debtors in bankruptcy proceedings.