If I file for bankruptcy, will I get to keep my 401K? 14 Answers as of December 15, 2010

I am really worried about losing my retirement funds if I file for bankruptcy. Can they be protected? This is extremely important in my decision to file.

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David R. Fondren, Attorney at Law
David R. Fondren, Attorney at Law | David R. Fondren
In Missouri 401k is exempt under state law. Missouri opted out of the Federal exemptions.
Answer Applies to: Missouri
Replied: 12/15/2010
Gus Johnson Attorney at Law
Gus Johnson Attorney at Law | Gus Johnson
Normally yes.
Answer Applies to: South Dakota
Replied: 12/4/2010
The Law Office of Mark J. Markus
The Law Office of Mark J. Markus | Mark Markus
Yes, 401k funds are protected.
Answer Applies to: California
Replied: 12/3/2010
Naziri Hanassab LLP
Naziri Hanassab LLP | Vahid Naziri
Certain retirement accounts are exempted assets in Bankruptcy. Overall, the answer is yes...would need a little more details.
Answer Applies to: California
Replied: 12/3/2010
Ursula G. Barrios Law
Ursula G. Barrios Law | Guillermo Machado
Under ERISA guidelines, your 401K is 100% protected in a bankruptcy and technically outside of the bankruptcy estate. You may contact our office for a free consultation.
Answer Applies to: California
Replied: 12/3/2010
    Mankus & Marchan, LTD
    Mankus & Marchan, LTD | Tony Mankus
    A 401K is exempt property under federal bankruptcy statutes and usually state exemption statutes, if your state has opted for its own exemption statutes in bankruptcy. Check with your bankruptcy attorney.
    Answer Applies to: Illinois
    Replied: 12/3/2010
    Steven D. Keist, Attorney at Law
    Steven D. Keist, Attorney at Law | Steven D. Keist
    It depends on the State you are in. In AZ retirement funds are exempt except those amounts deposited therein within 120 days of filing.
    Answer Applies to: Arizona
    Replied: 12/3/2010
    Law Offices of Michael J. Berger
    Law Offices of Michael J. Berger | Michael J. Berger
    401K retirement accounts are generally exempt in an amount reasonably necessary to support the debtor. It is important to get expert legal advice with regards to the specific facts of your situation, as there are exceptions to this exemption. For example, when the debtor is found to have repeatedly taken money out of the 401K account and then put money back in, he may lose his exemption.
    Answer Applies to: California
    Replied: 12/2/2010
    Diefer Law Group, P.C.
    Diefer Law Group, P.C. | Abel Fernandez
    Most retirements are protected in a bankruptcy to the extent needed for your retirement.
    Answer Applies to: California
    Replied: 12/2/2010
    Law Office of Raymond J. Dague, PLLC
    Law Office of Raymond J. Dague, PLLC | Raymond J. Dague
    There is an exemption for almost all retirement accounts and pensions, so they can be kept despite a bankruptcy filing.
    Answer Applies to: New York
    Replied: 12/2/2010
    George Hoselton Bankruptcy Attorney
    George Hoselton Bankruptcy Attorney | George Hoselton
    Retirement funds are protected 100%, as long as they are qualified retirement or pension plans.
    Answer Applies to: Oregon
    Replied: 12/2/2010
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