Are 401K's, IRA's, and Stocks exempt from bankruptcy liquidation? What about savings accounts and checking accounts? 8 Answers as of September 22, 2017

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Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
ERISA accounts are exempt. the others are not BUT you may have a specific exemption to cover them, depending on the amount.
Answer Applies to: California
Replied: 9/22/2017
Ronald K. Nims LLC | Ronald K. Nims
401(k) and IRA accounts (along with other tax exempt retirement accounts) are exempt from liquidation in bankruptcy. Stocks and bank accounts are not generally exempt, although small accounts and a portion of larger accounts are exempt.
Answer Applies to: Ohio
Replied: 9/21/2017
Stephens Gourley & Bywater | David A. Stephens
In Nevada 401k and IRA accounts are exempt up to a half a million dollars. Stocks, and bank accounts have a very small exemption. Above that exemption amount the trustee can take them.
Answer Applies to: Nevada
Replied: 9/21/2017
GARCIA & GONZALES, P.C.
GARCIA & GONZALES, P.C. | Richard N. Gonzales
IRA's, 401(k)'s, & Pensions. Not the other items.
Answer Applies to: Colorado
Replied: 9/21/2017
OlsenDaines | Rex Daines
If the 401(k) and IRA has been set up and funded properly, then those will be exempt. Generally stocks and bank accounts are not fully exempt. A person will typically utilize a "wildcard" exemption on these accounts, but the amount of wildcard you can allocate will depend on the value of your other assets.
Answer Applies to: Oregon
Replied: 9/21/2017
    Law Office of Kimberly Fives | Kimberly Fives
    Pension plans qualified under ERISA are not property of your estate...thus safe; however, stocks and checking and savings accounts are property of your estate and are potentially subject to liquidation by the trustee. All depends upon your ability to exempt the value of these accounts.
    Answer Applies to: California
    Replied: 9/21/2017
    Patrick W. Currin, Attorney at Law | Patrick Currin
    Retirement accounts are exempt. Stocks and bank accounts are not.
    Answer Applies to: California
    Replied: 9/20/2017
    Law Office of Stuart M. Nachbar, P.C.
    Law Office of Stuart M. Nachbar, P.C. | Stuart M. Nachbar
    In New Jersey, 401K and IRA are exempt under 11 USC 523(d)(12). Checking and savings accounts are exempted under the wildcard exemption of 11 USC 523(d)(5) but be careful on the amounts.
    Answer Applies to: New Jersey
    Replied: 9/20/2017
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