I believe new bankruptcy law exempts all retirement from being touch during bankruptcy so it should be safe
Nothing they are exempt form seizure.
These assets should not be effected at all.
The MAX amount you can draw is 300k.
No...your retirement in a qualified plan (like a 401k), is exempt from seizure up to any amount!
No. Never. It is exempt and protected.
Absolutely...it is always exempt from seizure or use and will NOT be taken.
What are you possibly trying to say? (Your 401k is exempt from seizure and process in BK you know).
Generally, but the extent to which funds will be exempt depends on your jurisdiction. Check your local state bankruptcy exemptions.
depends on the state
No you can't it will be almost impossible to do so don't try to.
If the pastor files for personal bankruptcy, no - the church fund can't be touched. If he files bankruptcy ON BEHALF of the church, then any and all funds and assets of the church can be affected.
Chapter 7 is a liquidation bankruptcy, you are giving up your assets. If you want to keep your home and car you would need to file a Chapter 11 Bankruptcy.
Federal or private...NO
Yes, but not until your discharge. If you take money out of a 401K after you file and before discharge, the money is no longer exempt and could be taken by the Trustee. If you take it out after your discharge the money is yours.
Yes, but it is one of the absolute stupidest things financially you can do. By the end of th BK you will lose the 401k money, which is only protected while it is IN the 401k, and be left with the debt to the plan, which won't be discharged and will seize the money in the plan to be paid.
Yes. It has to be turned over to the bankruptcy trustee to be counted as an asset.
Both have the same negative impact on your credit.
If your partner files for bankruptcy and you don't then the bankruptcy will not appear on your credit report. But you will be partly responsible for before bankruptcy filing. Generally filing bankruptcy will affect the credit rating of the individual who filed it.
The most significant change to the 1978 statute concerns consumer bankruptcy under the Chapter 7 liquidation provisions.
The cosigner's credit will only be affected if the person that they cosign for defaults on the loan. The bankruptcy will not affect the cosigners credit.