Legal Question in Bankruptcy in Ohio

withdrawling of 401k

I was wondering if I could withdrawl my 401k before or after I file for bankruptcy,and i was wondering if it would get taken from the trustee


Asked on 2/13/09, 11:16 am

1 Answer from Attorneys
Frank Rozanc Frank J. Rozanc, Esq.

Re: withdrawling of 401k

Any withdrawal from a 401(k)prior to a bankruptcy filing is considered an asset which is liable for turnover to the trustee to satisfy your creditors. As long as the money maintains its character as a 401(k) fund, it is exempt from seizure by the trustee under Ohio law. Don't forget to do the required credit counseling course before your bankruptcy filing.

Read more
Answered on 2/16/09, 3:15 pm


Related Questions & Answers

More Bankruptcy Law questions and answers in Ohio