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If I declare bankruptcy, does it become a public record and

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If I declare bankruptcy, does...
If I declare bankruptcy, does it become a public record ? and should I first cash out my 401k and retirement fund ? will this prevent from getting a good job either in the private industry or government ?
Submitted: 6 years ago.Category: Bankruptcy Law
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Answered in 2 hours by:
3/5/2011
Bankruptcy Lawyer: cfortunato, Attorney replied 6 years ago
cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8,023
Experience: Bankruptcy professor.
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Hi JACustomer,

What type of retirement fund do you have?

 

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Customer reply replied 6 years ago
I dont really know what type of retirement fund is.
Bankruptcy Lawyer: cfortunato, Attorney replied 6 years ago

Is the 401K your only retirement fund? If not, is the other retirement fund a tax-deferred, IRS-qualified fund?

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Customer reply replied 6 years ago

no, I have a 401K, and the company also had a retirement fund. The retirement fund is a tax-deferrred.

Bankruptcy Lawyer: cfortunato, Attorney replied 6 years ago

1) Bankruptcies do become part of the public record, in the same manner that other court proceedings become part of the public record. This means any interested party can get a copy of your Bankruptcy papers. (This is why Bankruptcy documents now only contain the last 4 numbers of social security numbers and account numbers.)

2) The money in 401K's and tax-deferred retirement accounts is exempt from the Bankruptcy court. As long as the money remains in these accounts, the Bankruptcy court cannot touch that money. If you take the money out, the Bankruptcy court can take that money.

3) It is against the law for an employer to discriminate against an employee because they have filed a Bankruptcy, so filing one should not prevent you from getting a good job. Bankruptcy Stat. 525.

 

I think this is what you wanted to know. If not, please let me know.
Thank you!

 

cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8,023
Experience: Bankruptcy professor.
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