Legal Question in Bankruptcy in California

401K's

Can creditors or the court get into my 401K for repayment of my debts if I file bankruptcy?


Asked on 3/17/02, 7:48 pm

2 Answers from Attorneys
Mark Markus Law Office of Mark J. Markus

Re: 401K's

Probably not, but it depends on whether your 401k plan is ERISA qualified and if not, how much is in it, your age, earning capacity, etc.

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Answered on 3/17/02, 7:53 pm
Robert Miller Robert L. Miller & Associates, A Law Corporation

Re: 401K's

Thanks for your posting. As Mr. Markus mentioned, ANY plans qualifying under the ERISA guidelines are exempt. Normally, a 401(k) from a reputable employer or a larger plan provider (such as one of the larger brokerage houses or mutual fund companies) are ERISA qualified. For most individuals, 100% of the amount in a plan such as this is exempt from all creditors, including through bankruptcy.

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Answered on 3/18/02, 11:14 am


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