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Ask Terry L. Your Own Question
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2900
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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if I file chapter 7 bankruptcy do I have to liquidated my 401

Customer Question

if I file chapter 7 bankruptcy do I have to liquidated my 401 K?
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 4 years ago.

Terry L. :

Hi, thanks for your question. You should hire a lawyer for specific legal advice. No attorney client relationship is created here.

Terry L. :

401k are exempt under chapter 7 bankruptcy cases, so keep the funds in there, and they will be protected when you file.

Terry L. :

If you cash them out, then it could be liquidated as cash.

Terry L. :

Let me know if you have any other questions. Thanks. Terry

JACUSTOMER-0l7mu8d2- :

my situation is I own my home and have a car payment and would like to keep them but I had bought a car for my daughter which was in my name and she was injured and it was volunterly surrendered after it was sold at auction the balance owed is 9000 which i can't afford to repay and thought bankruptcy would be an option also are there income guidelines for chapter 7

JACUSTOMER-0l7mu8d2- :

I feel for the price I should have an answer for my other question

JACUSTOMER-0l7mu8d2- :

I just wanted the rest answered I thought for the price I would be able to continue the conversation would he answered was great!