Legal Question in Bankruptcy in Florida

I filed a Chapter 7. Had my 341 hearing the other day said I was 5000 over on my exemption said he would give me ten months to pay it, but since I filed the chapter 7 I have become unemployed. I guess what my question is can I touch my 401K to pay this. Have not got a discharge yet.


Asked on 2/26/10, 10:31 pm

1 Answer from Attorneys
Stephen Berlinsky The Berlinsky Law Firm, PA

You can withdraw funds from your 401K post filing without it becoming part of the bankruptcy estate. However, remember if you will have to pay income tax and penalties on the funds withdrawn if you are under 55.

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Answered on 3/04/10, 4:11 am


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