Will my 401K and IRA be exempt from bankruptcy? 6 Answers as of August 27, 2010

Will my 401k and Individual Retirement Arrangement be exempt from my bankruptcy?

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Fasel, Fasel, & Nefulda, LLP
Fasel, Fasel, & Nefulda, LLP | Thomas Fasel
Generally, 401k plans and IRAs are not part of the Bankruptcy Estate and thus subject to the bankruptcy courts jurisdiction, which means that the trustee cannot take it to pay creditors under any circumstances. Even if they are part of the bankruptcy estate, most retirement plans are exempt, which means the debtor gets to keep them anyway. To discuss further, please contact me for a free consultation.
Answer Applies to: California
Replied: 8/17/2010
David Nelson
David Nelson | David Nelson
401k plans are protected in Bankruptcy. An IRA is protected most of the time.
Answer Applies to: California
Replied: 8/17/2010
Law Offices of Michael J. Berger
Law Offices of Michael J. Berger | Michael J. Berger
Yes, if you have not been using it like a checking account (taking money back and forth) and if the amount in the IRA is reasonably necessary for your retirement. For specific advice applicable to your situation, call me or write to me with your specific facts.
Answer Applies to: California
Replied: 8/17/2010
Kevin Michael Muldoon
Kevin Michael Muldoon | Kevin Muldoon
Yes, your 401k and IRA accounts are protected.
Answer Applies to: California
Replied: 8/16/2010
Diefer Law Group, P.C.
Diefer Law Group, P.C. | Abel Fernandez
Yes, generally these plans are protected.
Answer Applies to: California
Replied: 8/16/2010
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