Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarification
No 401k and IRA are protected in bankruptcy cases,
In Ohio, retirement funds, including 401k are exempt. That means it is safe from the bill collectors.
and the Court and trustee in a bankruptcy cannot ask you to use the money to pay off any of your bills,
401K and IRA accounts are to be used for retirement, only
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.
If you have any further questions please do not hesitate to sk
if satisfied please press the accept button so we can receive credit
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).