Legal Question in Bankruptcy in Virginia

Bankruptcy

can a company sponsered profit sharing savings trust(retirement savings)be exempt from a chapter 7 filing


Asked on 10/27/00, 11:50 am

1 Answer from Attorneys
Daniel Press Chung & Press, P.C.

Re: Bankruptcy

If it is ERISA-qualified, it is exempt under federal law. If not, it is exempt up to certain limits under VA state law. If there are both ERISA and non-ERISA retirement assets, there are some limitations on the use of the state exemption. See an experienced bankruptcy lawyer for details.

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Answered on 11/16/00, 10:01 am


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