Legal Question in Bankruptcy in California

Assets

Is 401K investment or a common stock investment considered as assets required to be disclosed during chapter 13 bankruptcy filing?


Asked on 11/25/01, 2:34 am

2 Answers from Attorneys
Robert Miller Robert L. Miller & Associates, A Law Corporation

Re: Assets

Thanks for your posting.

Your question can be answered "yes", and "no". YES, you must disclose ALL of your assets when you file bankruptcy. To not do so may be bankruptcy fraud.

NO, a 401(k) plan is completely exempt, if it is disclosed on schedule B, and if the appropriate exemption is claimed on schedule C. Exempt means that the trustee may not touch it for the benefit of creditors.

Thanks again, and if you have any other questions or need more information, please feel free to call me at 1-877-568-2977 (toll free) or email me, and I'll help in any way that I can.

Robert Miller, Attorney at Law

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Answered on 11/26/01, 6:01 pm
Mark Markus Law Office of Mark J. Markus

Re: Assets

Absolutely.

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Answered on 11/25/01, 2:36 am


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