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Do you need to disclose withdrawals from retirement plans when filing for bankruptcy?
Wiki User
∙ 7y ago
Yes, of course. Very simply, you must report everything you won, control or owe or are responsible for. Even exempt things are reported, they are just classed as exempt..BY THE COURT, not you.
While retirement plans are protected under BK, they need to be reported. The court then classifies them as exempt.
However, by withdrawing (or borrowing) from the plan, the money taken is no longer protected and reported and claimable as any other asset. You also caused a tax issue, as a withdrawal is subject ot a 10% penalty and is now taxable income too. Failing to do this ill subject you to an ineffective BK, with things not disclosed not being discharged or protected, and possibly (as you swear and sign to the court you are disclosing everything), criminal fraud charges.
Wiki User
∙ 7y ago
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When filing bankruptcy can the gov take you retirement money?
No, retirement accounrts (ERISA qualified) are protected from seizure.
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Only if they are in a qualified retirement plan, like an IRA.
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Some benefits of filing a 401k retirement plan include Internet based plans are available, it can permit hardship withdrawals and loans, not to mention the emploter can receive some tax benefits for contributions. You can find more benefit information here: http://www.401khelpcenter.com/401k_defined.html
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Filing bankruptcy has no affiliation with religion. If filing bankruptcy is he best financial options available, then you should do it.
In order to file bankruptcy must you have a bankruptcy attorney?
If you are filing for personal bankruptcy it is not necessary to have a lawyer. If you are filing for business bankruptcy, you must retain a lawyer on your behalf.
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Bankruptcy will not stop a garnishment. You cannot set aside civil judgments by filing bankruptcy.
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No - having had a car that was re-possessed will not affect the filing of a Bankruptcy.
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In a Chapter 7 bankruptcy, a person filing for relief is called a
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No. Bankruptcy is a civil act.
Is Monrovia Nursery filing bankruptcy?
Nope. Monrovia has not filed for bankruptcy
