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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17223
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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If my husband and I have to file bankruptcy, will the court

Customer Question

If my husband and I have to file bankruptcy, will the court force us to cash in his 401K in order to pay the house off?
Submitted: 5 years ago via LawDepot.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 5 years ago.

WALLSTREETESQ :

Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarificati on

WALLSTREETESQ :

No 401k and IRA are protected in bankruptcy cases,

WALLSTREETESQ :

In Ohio, retirement funds, including 401k are exempt. That means it is safe from the bill collectors.



WALLSTREETESQ :

and the Court and trustee in a bankruptcy cannot ask you to use the money to pay off any of your bills,

WALLSTREETESQ :

401K and IRA accounts are to be used for retirement, only

JACUSTOMER-wzmwobi4- :

Thank you. We certainly do not want to file bankruptcy. We have lived in this house for 20 years but my husband's health is so bad and he may lose his job because of it.

WALLSTREETESQ :

If you have any further questions please do not hesitate to sk

WALLSTREETESQ :

ask

WALLSTREETESQ :

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