Legal Question in Bankruptcy in Ohio
401k income when filling bankruptcy
My husband is going to change jobs soon, he wants to keep his 401k with his company now, or put it into another acct. would he lose his money if we file chapter 7? Should he keep it where it is for the time being or put withdrawl it and spend it?? thanks
Asked on 7/17/02, 9:05 pm
1 Answer from Attorneys
Steve Chaffin
Steven E. Chaffin, Attorney
Re: 401k income when filling bankruptcy
Most 401-K plans are exempt from being considered an asset by the Bankruptcy law. Check with your plan administrator to make sure it is ERISA qualified. If so, it is exempt.
Steve Chaffin
Answered on 7/18/02, 6:06 am
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