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Yes, they must. All debts and ALL assets must be included. No exceptions. Your 401 is classified as an exempt asset by the court. However the loan isn't, and when it is discharged by the court, you will lose your 401k against it, and probably have substantial tax consequences. You need an attorney.
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∙ 15y ago
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In bankruptcy can they take your 401K or IRA?
No
Is a 401K affected by bankruptcy?
No. It is protected by law.
Are assets in a 401k protected if you file bankruptcy?
Yes.
How do you get rid of student loans?
The only way to make student loans go away is to pay them off. Recent changes in bankruptcy laws makes it almost impossible for student loans to be discharged in a bankruptcy filing. Or simply avoid students loans, check out the Related Link.
401k and bankruptcy?
I believe new bankruptcy law exempts all retirement from being touch during bankruptcy so it should be safe
Do student loans automatically come with filing bankruptcy?
Federal Student loans cannot be discharged in bankruptcy. You must repay them.
What happens to 401k savings after bankruptcy?
Nothing they are exempt form seizure.
What will happen to my 401k when filing bankruptcy?
These assets should not be effected at all.
Can you withdraw 401k after discharge in bankruptcy?
The MAX amount you can draw is 300k.
Are 401k loans paid off when there is a merger of two companies?
No
When filing bankruptcy chapter 7 will they come after your 401k?
No. Never. It is exempt and protected.
You cant get any of your 401k unless you go to buy a house and you still get a penatly can you get some of the money if you lose your job?
There are usually ways to get money out of your 401K in certain situations. There are loans you can use in extreme situations as well.
