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Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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I FILE BANKRUPTCY, CHAPTER 7, DO I LOST MY PENSION SAVING.

Resolved Question:

I FILE BANKRUPTCY, CHAPTER 7, DO I LOST MY PENSION SAVING. PLEASE
ANSWER MY PROBLEM AND THANKS.
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 7 years ago.
Hello,

So sorry to hear of your dilemna. I will strive to provide you with legal information to assist you.

I am a lawyer with 25 years experience. Although I am not your attorney, I hope that I can give you helpful legal information on this open and nonconfidential forum.

If you file a a chapter 7 bankruptcy, the 401(k), the IRA and cash surrender value of your life insurance are considered exempt assets in Kentucky and you would be able to keep them.

I cannot locate any exemption for the Cloverdale account for education however you may apply a $1000 wildcard exemption to this account.

If you do not file bankruptcy, your wages may be garnished up to 25%

I hope this helps
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