Welcome! | Ask A Question
Answer 1/1 - Submitted 1/3/2012
There is something called "exemptions" in a bankruptcy filing where you are able to exempt property from being liquidated by the bankruptcy trustee. There is an exemption for retirement plans, IRA's, and 401(k)'s under section 522(d)(12) of the Bankruptcy Code.
So you should be able to keep your 401(k) through a bankruptcy. Once your bankruptcy is completed and you have received your final decree, you could then take a distribution if you wish.
Type your Answer in the box below and post your answer.
Related Questions (Ask a New Question)
My husband and i have been in bankruptcy for 1 year and 4 months. we are not currently in a 401k program. if we do decide to enroll in 401k, will this bankruptcy affect the 401k?
By mistake i had my old 401k sent to a savings account. it is within 60 days, the old 401k took out taxes and i wan to move it into my new 401k will i be pentalized next year?
401k retirement savings plan: i need detailed information on 401k retirement savings plan.
|
If i am currently in bankruptcy, can i start 401k? My husband and i have been in bankruptcy for 1 year and 4 months. we are not currently in... |
|
By mistake i had my old 401k sent to a savings account. it is within 60 days, the old 401k... |
|
401k retirement savings plan: i need detailed information on 401k retirement savings plan. |
|
Liquidation of ira or 401k during bankruptcy? When someone files for bankruptcy, will the investments like the 401k or the ira have to... |
|
I am a 100% disabled veteran living on va/social security benefits. i lost most of my 401k... |
|
I retired on dec 31, 2010 and i have a 401k savings. i would like to close that account and... |
Ask A Question
Ask a new question about
401k:
About
| Contact Us
| Membership Agreement
| Privacy Policy
| Site Map
| Advertise on this Site
Copyright © 401kQuestions.net 2012. All rights reserved.