Legal Question in Bankruptcy in Michigan

I had to file for bankruptcy , and i have a esop account at work , is this account going to be protected from bankruptcy ? my lawyer didnt know what a esop was


Asked on 1/04/10, 5:40 pm

1 Answer from Attorneys

Audra Arndt Audra A. Arndt & Associates, PLLC

Did you tell your lawyer what it was? Why wouldn't he look it up if he didn't know? Did you ask him that? How much of your assets are exempt from the bankruptcy depends on your overall situation, which only your lawyer can assess. You should certainly use your wildcard exemption, if there is any portion left, to apply to this account. It also depends on the value of the account, how much is vested (if any)/or when it vests, and if you can withdraw from the account without any penalties. It is your lawyer's job to research all issues such as this - that's what you are paying him or her for. If you need a new lawyer, please contact me.

Read more
Answered on 1/09/10, 7:11 pm


Related Questions & Answers

More Bankruptcy Law questions and answers in Michigan