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Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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Due to a divorce I am having to file bankruptcy. I have a ...

Customer Question

Due to a divorce I am having to file bankruptcy. I have a 403b retirement account and wonder if it protected from creditors if I file bankruptcy
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 8 years ago.
What state exemptions will apply? If you are unsure, tell me what state you have resided in for the last 2 years.
Customer: replied 8 years ago.
what other information do you need
Expert:  Ellen replied 8 years ago.
What state exemptions will apply? If you are unsure, tell me what state you have resided in for the last 2 years.
Customer: replied 8 years ago.
Reply to FLAandNYLawyer's Post: I live in Va and have lived here for 2 years this past May
Expert:  Ellen replied 8 years ago.

Hello,

Thank you for your question. I am happy to assist you.

In Virginia 403b retirement plans have a limited bankruptcy exemption under Virginia Statute Section 34-34.

In Virginia 403b plan are exempt to the extent that the interest of the individual in the retirement plan would provide an annual benefit less than $ 17,500.

Here is the link to the statute:
http://www.totalbankruptcy.com/state_exemptions_virginia.htm

Prior to filing your bankruptcy, you may want to have a CPA determine the extent that your particular 403b is within the exemption.

I hope that the information which I provided was helpful to you.

Best wishes for a successful outcome. If you have additional questions, please do not hesitate to submit them to me directly.

Thank you,
FLAandNYLAWYER

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