Legal Question in Bankruptcy in Tennessee

Protection of 401K plan and what are exempt items in Tennessee

What protection does my wife have on her 40lK plan(payroll deduction) she is 62 yrs old and has about 28,000 in it? Also she has a company retirement benefit that is tenure related where she does not contribute and has no access to it? Also is there any place on the web where I can find a list of Tennessee exemptions. i.e. things that we can retain?


Asked on 4/20/98, 11:51 am

1 Answer from Attorneys
Marshall Snyder Law Office Of Marshall Snyder

401(K) Exemption

As long as the 401(K) has no loans taken against it, Tennessee will allow the exemption of the 401(K). As for the retirement benefit, it can be exempt in Tennessee if there is no right to receive the benefit before 58 years of age and there is no right to accelerate payments so that it is receivable in a lump sum. However, the Trustee always has the right to examine the contractual documents to make sure they are what you say they are on the exemption schedules. With issues such as you are dealing with, I woulfd suggest you consult an attorney for further advice.

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Answered on 5/19/98, 7:52 pm


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