Legal Question in Bankruptcy in Ohio
401K and bankruptcy
If I file bankruptcy, will my 401K be safe? Or will they make me use it to pay debts?
Asked on 7/18/03, 6:20 pm
2 Answers from Attorneys
Frank Rozanc
Frank J. Rozanc, Esq.
Re: 401K and bankruptcy
Your 401 is exempt from the trustee, provided it remains in the qualified plan until after you have filed.
Answered on 7/18/03, 8:43 pm
Steven Schiller
Steven L. Schiller, Attorney at Law
Re: 401K and bankruptcy
You should be able to retain the money you have in the 401-k at the time you file bankruptcy. If you file a chapter 13 instead of a chapter, however, there may be restrictions on your ability to add more contributions to the account during your plan payment period.
Answered on 7/18/03, 10:59 pm
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