Will they take my money if I retired from my job, went to another one, and cashed in my 401k? 9 Answers as of July 14, 2017

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Ronald K. Nims LLC | Ronald K. Nims
If you cashed in your 401(k), did you roll it over to an IRA? Then you're OK and it will not be taken in bankruptcy. But if you are just holding the cash, then (1) you're not dumber than a bag of hammers but no much smarter and (2) the bankruptcy court will take the money.
Answer Applies to: Ohio
Replied: 7/14/2017
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
Do NOT cash out your 401k without talking to a lawyer.
Answer Applies to: California
Replied: 7/13/2017
Richard B. Jacobson & Associates, LLC | Richard B. Jacobson
The outcome depends on many facts. Did you roll over the money into some other tax-qualified retirement plan or IRA? Did you report the withdrawal on your income tax returns? How much money is involved? You would do well to retain a skilled bankruptcy lawyer in your locality; it's almost always worth the investment.
Answer Applies to: Wisconsin
Replied: 7/13/2017
Stephens Gourley & Bywater | David A. Stephens
Depending on the amount and where it is at they could.
Answer Applies to: Nevada
Replied: 7/13/2017
GARCIA & GONZALES, P.C.
GARCIA & GONZALES, P.C. | Richard N. Gonzales
I can't tell from your question exactly what your question is. It sounds like you previously filed a Chapter 7. The Chapter 7 Trustee is typically noticed interested in something of this nature AFTER the filing of your case. If you think it's important, pay a lawyer to review your file with you.
Answer Applies to: Colorado
Replied: 7/13/2017
    A Fresh Start
    A Fresh Start | Dorothy G Bunce
    I have no idea who THEY are or in what context you are concerned about having money taken. However, if you cash out any retirement account, it frequently loses its protected status under state and federal exemption laws.
    Answer Applies to: Nevada
    Replied: 7/13/2017
    Garner Law Office
    Garner Law Office | Daniel Garner
    Once you cash in your 401k it is treated as regular income and is considered an asset in bankruptcy.
    Answer Applies to: Oregon
    Replied: 7/13/2017
    OlsenDaines | Rex Daines
    It depends on the timing of everything. If you don't do things in the proper order, then YES, the court can take the money. If you do things in the proper order, the NO, they money is safe. It is worth paying an attorney to make sure this is done correctly.
    Answer Applies to: Oregon
    Replied: 7/13/2017
    Charles Schneider, P.C.
    Charles Schneider, P.C. | Charles J. Schneider
    Depends on the amount you have on hand and what other real or personal property you own.
    Answer Applies to: Michigan
    Replied: 7/13/2017
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