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Can an exemption be taken in Chap 7 for a $92k value 401K plan

Resolved Question:

Can an exemption be taken in Chap 7 for a $92k value 401K plan ?
If a new car is purchased within 12 months prior to a Chap 7 filing be fully protected even tho the amount of claimed exempt is $1,400 and the current value is $25k and the loan is $25k?
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  FiveStarLaw replied 1 year ago.
*This chat is not intended as legal advice. It is general information that may or may not apply to your situation and should not be relied upon.*

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Can an exemption be taken in Chap 7 for a $92k value 401K plan ?

Yes.
An exemption may be taken for a 401(k) in its entirety. 401(k)'s are exempt without limitation pursuant to federal bankruptcy law.

If a new car is purchased within 12 months prior to a Chap 7 filing be fully protected even tho the amount of claimed exempt is $1,400 and the current value is $25k and the loan is $25k?
Yes
The new car does not have any equity since as the loan value is equal to the current value. Therefore the car is protected provided you continue to make your car payments

I would be glad to respond to any related follow-up questions that you may have.
Customer: replied 1 year ago.

There are several different collection agencies for many of the credit card companies. Is there a problem if each one is listed and the whole amounts for each even though they may be duplicates?

Expert:  FiveStarLaw replied 1 year ago.
No it is not a problem. You will want to be certain to list any and all potential creditors even if that means there is a duplication

I'd be happy to help you with any further questions you may have. Simply start your new question that "For FiveStarLaw".
Customer: replied 1 year ago.

Doesn't that overstate the debt? Would not want to raise an issue or accusation of fraud.

Expert:  FiveStarLaw replied 1 year ago.
The collection are typically listed as contingent and the original creditor as noncontingent


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FiveStarLaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36503
Experience: Bankruptcy Lawyer. Experienced.
FiveStarLaw and 2 other Bankruptcy Law Specialists are ready to help you

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