How will bankruptcy affect my retirement plan? 6 Answers as of October 12, 2010

How will bankruptcy affect your 401(k), IRA, pension, and other retirement plans?

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Law Offices of Michael J. Berger
Law Offices of Michael J. Berger | Michael J. Berger
Short answer:

Retirement plans are generally exempt in an amount reasonably necessary for the support of the debtor.

Long answer:

You need to consult with me regarding the specific facts of your retirement plan. How much money is in the plan? How old are you? How much have you contributed in the last 2 years? Have you made any withdrawals? If so, how much were your withdrawals, and when did you make them? All of these factors and more can affect whether or not your retirement plan is 100% exempt in a bankruptcy proceeding.
Answer Applies to: California
Replied: 10/12/2010
Greifendorff Law Offices, PC
Greifendorff Law Offices, PC | Christine Wilton
Retirement plans are exempt from being taken by the trustee in bankruptcy. Your retirement is safe in bankruptcy. Maybe not so safe if it's in the stock market.
Answer Applies to: California
Replied: 10/12/2010
Law Offices of Steven A. Wolvek
Law Offices of Steven A. Wolvek | Steven A. Wolvek
Most are Erisa qualified and not property of the bankruptcy estate. I still list them as an asset to provide complete disclosure but most are not touched. There are exceptions to every rule. Consult with an attorney before filing to make sure your particular asset is protected.
Answer Applies to: California
Replied: 10/11/2010
Sussman & Associates
Sussman & Associates | Mitchell Sussman
These things are usually exempt up to the amount necessary for your support in retirement.
Answer Applies to: California
Replied: 10/11/2010
Diefer Law Group, P.C.
Diefer Law Group, P.C. | Abel Fernandez
It will not affect it.
Answer Applies to: California
Replied: 10/11/2010
    The Law Office of Mark J. Markus
    The Law Office of Mark J. Markus | Mark Markus
    Pension plans and qualified retirement accounts are protected up to a little over one million dollars in any bankruptcy.
    Answer Applies to: California
    Replied: 10/11/2010
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