Legal Question in Bankruptcy in California

retirement account

My husband and I have to file Chapter 7. We are losing our house due to my husband being laid off. We have decided to leave the state and move to Washington state. I have approximately $60,000 in my 403B through the university that I am employed by. Our attorney is going to file in July, so our court date will be in August. My last day at my job is August 6th. We are planning on taking the lump sum (federal taxes will be automatically taken out) leaving us about $50,000. Will be be able to keep this money or can the creditors take it?


Asked on 6/08/09, 11:51 am

1 Answer from Attorneys
David Gibbs The Gibbs Law Firm, APC

Re: retirement account

Your attorney is the one to whom you should be posing this question. I can say that once you cash that account out, the cash is generally going to be available to the Trustee for liquidation and distribution to your creditors. Talk to your attorney - that is why you hired him, and are paying him.

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Answered on 6/08/09, 1:23 pm


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