Can you lose your 401k in bankruptcy

Your 401 (k) Your 401 (k) is safe in a chapter 7 bankruptcy. Some people think that this is unfair as you would be allowed to get rid of all of the bad (your debts) but keep all of the good – your retirement savings. But a 401 (k) is treated as a protected asset – whether that’s good or bad. However, you must keep the money in the 401 (k).

However, there are a few exceptions. Also, if you are receiving retirement benefit payments as part of your income, those payment may be affected by bankruptcy. Let’s find out more. Get expert guidance on retirement savings and bankruptcy. Contact Sirody & Associates for a free consultation. Or call (410) 415-0445.

If You File For Bankruptcy Will You Lose Your 401(k)?

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First, you need to understand that the chapter of bankruptcy you file affects the handling of your 401k. Retirement savings is handled differently in Chapter 13 than it is in Chapter 7. In Chapter 13, your debt is paid out of your disposable income through a three- to five-year payment plan.

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