Legal Question in Bankruptcy in Mississippi

Employer's Responsibility

Our Cooperate Headquarters is located in Ohio, we have a terminated employee who worked in our Mississippi plant. He was paying on a Bankrupcy. Our court order for payroll deductions doesn't say anything about reporting changes in his employment status. He has about $17k in 401k and ESOP do we need to report this to the court before we pay him off?


Asked on 7/05/01, 4:32 pm

1 Answer from Attorneys
Marshall Snyder Law Office Of Marshall Snyder

Re: Employer's Responsibility

The 401(K) may have been reported in

your former employee's bankruptcy.

If no loan has been extended against

the 401(K), and depending upon the

exemptions being used by any given state,

the 401(K) can oftentimes be declared

as exempt property.

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Answered on 7/06/01, 1:54 pm


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