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Roger, Attorney
Category: Bankruptcy Law
Satisfied Customers: 31768
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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I want to take 20,000 out of my esop plan from work now, so

Customer Question

i want to take 20,000 out of my esop plan from work now, so my son can buy a house,but i will be filing chapter 7 in five or 6 months..would this effect my chapter 7 filing, because i read somewhere that esop is exempt in chapter 7.
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  Roger replied 1 year ago.

Hi - my name is ***** ***** I'll be glad to assist.

Most ESOP and stock option plans are not exempt in bankruptcy, so if you withdraw funds to use on something like his, the trustee could object to the transaction and att wot to reverse or change it.

Thus, if you were to do this, you may want to wait a year or more before filing.

Customer: replied 1 year ago.
i would like a refund not sure your an expert or a fraud...i have read many times over esop plans are in fact protected
Expert:  Roger replied 1 year ago.

I'm a real lawyer with 13 years of practice. But, you're certainly entitled to your opinion or to not agree ---- and I hope I'm wrong for your sake ---- but espo's aren't ERISA protected accounts or viewed as retirement accounts.