Legal Question in Bankruptcy in Ohio

401K and bankruptcy

If I file bankruptcy, will my 401K be safe? Or will they make me use it to pay debts?


Asked on 7/18/03, 6:20 pm

2 Answers from Attorneys

Frank Rozanc Frank J. Rozanc, Esq.

Re: 401K and bankruptcy

Your 401 is exempt from the trustee, provided it remains in the qualified plan until after you have filed.

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Answered on 7/18/03, 8:43 pm
Steven Schiller Steven L. Schiller, Attorney at Law

Re: 401K and bankruptcy

You should be able to retain the money you have in the 401-k at the time you file bankruptcy. If you file a chapter 13 instead of a chapter, however, there may be restrictions on your ability to add more contributions to the account during your plan payment period.

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Answered on 7/18/03, 10:59 pm


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