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No, even under the new bankruptcy laws which will go into effect on Oc. 17th, 401K's are still exempt from BK.f However, filing a Chapter 7, will be nearly impossible for the average consumer after the October deadline, and any BK can face automatic dismissal for any number of reasons.

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โˆ™ 2005-10-14 12:47:45
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Q: Can you lose your 401 savings in bankruptcy?
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Can you declare bankruptcy if you have retirement account and savings account?

Yes, you can file a Bankruptcy if you have a retirement account. Most retirement accounts are not considered to be part of the bankruptcy state, and are out of the creditors' reach. This includes traditional 401(ks), IRAs, government retirement accounts such as CalSTRS and more.


Do you lose your RRSP's when declaring bankruptcy?

While registered pension plans [RPPs] are exempt from seizure in bankruptcy situations, most Registered Retirement Savings Plans [RRSPs] are not.


What is a 401(k) plan?

A 401(k) is a retirement savings plan that is sponsored by an employer.


In minnesota bankruptcy i am filling a chapter 7 is my wifes 401 k safe?

Yes. You report it but qualified retirement plan savings are exempted. You are filing in a Federal district court that may (or may not) be located in MN.


Is Thrift Savings Plan protected under bankruptcy?

No..


How can you lose money in a 401 k?

All of it


401(k) Savings Calculator?

401(k) Savings Calculator A 401(k) can be one of your best tools for creating a secure retirement. It provides you with two important advantages. First, all contributions and earnings to your 401(k) are tax-deferred. You only pay taxes on contributions and earnings when the money is withdrawn. Second, many employers provide matching contributions to your 401(k) account which can range from 0% to 100% of your contributions. The combined result is a retirement savings plan you cannot afford to pass up.


401(k) Savings with Profit Sharing?

401(k) Savings with Profit Sharing A 401(k) can be one of your best tools for creating a secure retirement. It provides you with two important advantages. First, all contributions and earnings to your 401(k) are tax-deferred. You only pay taxes on contributions and earnings when the money is withdrawn. Second, some employers provide matching contributions to your 401(k) account which can range from 0% to 100% of your contributions. The combined result is a retirement savings plan you can not afford to pass up.


What is 401 K or 401 B?

Both are retirement savings plans in US ONLY. Check related links if you want to read more.


If you have a loan with your thrift savings at work do you have to file on it if you file bankruptcy?

You need to include all of your debts in the bankruptcy.


Individual 401(k) Savings Calculator?

Individual 401(k) Savings Calculator An Individual 401(k) can be one of the best tools for the self-employed to create a secure retirement. First, all contributions and earnings to your Individual 401(k) are tax-deferred. You only pay taxes on contributions and earnings when the money is withdrawn. Second, it has very high contribution limits - allowing you to contribute more to your Individual 401(k) each year. The combined result is a retirement savings plan you can't afford to pass up.


Can a creditor put a hold on your savings account after you claim bankruptcy?

When you file for bankruptcy, all your assets are revealed to the trustee and basically frozen. No, a creditor probably won't put a hold on your savings account after you file but they can until your bankruptcy is discharged. Usually a letter from your attorney saying you have filed bankruptcy will stop this action.


Do you lose your cell phone in a bankruptcy?

No.


Will your current checking and savings account be affected by your filing bankruptcy?

Yes. It has to be turned over to the bankruptcy trustee to be counted as an asset.


What happens to 401k savings after bankruptcy?

Nothing they are exempt form seizure.


Can you still claim bankruptcy with a savings account Can I still keep my savings during a BK?

Probably not; it depends on what the court arranges for you.


If you file for bankruptcy will you lose your car?

Need to know type of Bankruptcy 7, 13, 11 ??


If you are not paying your creditors will you lose the money in your bank accounts in the bankruptcy?

Yes, once the bankruptcy is filed checking and savings accounts become part of the debtor's assets and the accounts will be "frozen" until the trustee determines the amount of funds that are not exempt under BK law and can be seized to pay creditors.


IS a 401K distribution income in bankruptcy?

Money taken from your 401 into your personal account is considered income/asset. That's why its never a good idea to remove money from your 401 when youre about to file BK.


What happens to your savings and checking accounts when filing bankruptcy if you are discharging the bank's credit card in the bankruptcy?

the banks credit card and your checking savings accounts are different. if you file bankruptcy they will check your available balance to see if you can make partial payments towards your creditors. only the IRS or government can freeze your accounts.


Will you lose your boat if you file bankruptcy?

Most likely.


Can you lose your house if your husband files for bankruptcy?

Yes.


Will you lose your wedding ring if you file bankruptcy?

Possibly


Do they close your current bank account when filing for bankruptcy?

No they do not close your Checking or Savings account


Can you transfer money from a savings to a retirement account and file bankruptcy?

Sure. But expect the trustee to want that money, unless the amount in the savings account was exempt. Transfers of assets otherwise available to the bankrupt estate for the purpose of filing bankruptcy is a federal crime. Consult an experienced bankruptcy lawyer, since there are permitted transfers.