Legal Question in Credit and Debt Law in Idaho

Bankruptcy and 401(k)/IRA
We have approx. $30,000 in debt from a bad business deal, no equity in our home (trailer), 2 cars totalling $10,000, and $15,000 in an IRA and $45,000 in a 401(k). Would we have to liquidate our retirement in a bankruptcy?

Asked on 10/29/98, 12:55 pm

Daniel Press Chung & Press, P.C.

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Re: Bankruptcy and 401(k)/IRA

Your 401(k) is not part of the bankruptcy estate and will not be liquidated. Whether your IRA is exempt depends on state law.

Daniel Press

Chung & Press, P.C.

6723 Whittier Ave., Suite 302

Answered on 1/05/99, 1:03 am

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