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Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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Can an exemption be taken in Chap 7 for a $92k value 401K plan

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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?
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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 4 years 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?

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 4 years ago.

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

The collection are typically listed as contingent and the original creditor as noncontingent


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