To: Larry381
My son in law filed for bankruptcy a few years back and the court took 1/2 of his 401K. This was probably before the new bankruptcy law passed by congress so I dont know if the same applies today.I doubt it. IRA's, 401k's, pension benefits, social security, etc., have been exempt from creditors both in and out of bankruptcy since I was in law school 25 years ago.
To: Labyrinthos
The exception is if someone does a fraudulent transfer or preference to their account in too obvious bankruptcy planning -— e.g., write a credit card check, then deposit it in your IRA.
34 posted on
11/09/2009 8:53:54 AM PST by
Jewbacca
(The residents of Iroquois territory may not determine whether Jews may live in Jerusalem.)
To: Labyrinthos
My son in law filed for bankruptcy a few years back and the court took 1/2 of his 401K. This was probably before the new bankruptcy law passed by congress so I dont know if the same applies today. I doubt it. IRA's, 401k's, pension benefits, social security, etc., have been exempt from creditors both in and out of bankruptcy since I was in law school 25 years ago. I just called him to verify and yes indeed, they took $32,000 of his $64,000 401K. This was in 2001, btw.
44 posted on
11/09/2009 10:04:25 AM PST by
Larry381
("in the final instance civilization is always saved by a platoon of soldiers" Oswald Spengler)
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