Legal Question in Bankruptcy in California
my bank account was levied by a debt collector. The funds in my are from my retirement pension and 401k. Are these funds exempt from such levies? Only money from these two sources were in the account.
1 Answer from Attorneys
The funds were exempt while held in the Pension and 401K. After they were distributed, they take on a new characteristic - cash. As such, they are available to your creditors for attachment. You should file a claim of exemption based on them being pension funds, but you will likely lose. Good luck.
*Due to the limitations of the LawGuru Forums, The Gibbs Law Firm, APC's (the "Firm") participation in responding to questions posted herein does not constitute legal advice, nor legal representation of the person or entity posting a question. No Attorney/Client relationship is or shall be construed to be created hereby. The information provided is general and requires that the poster obtain specific legal advice from an attorney. The poster shall not rely upon the information provided herein as legal advice nor as the basis for making any decisions of legal consequence. As required by 11 U.S.C. �528, we must now disclose that, "We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. Assistance we provide with respect to Debt Relief may involve bankruptcy relief under the Bankruptcy Code."
Related Questions & Answers
-
A mortgage loan company I have invested in has filed for Chapter 11. I hold... Asked 8/19/11, 2:28 pm in United States California Bankruptcy Law