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Consumer Bankruptcy : Chapter 7, Chapter 13, Protection From Claims of Creditors
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  #1  
Old 03-07-2001, 07:34 AM
bluelevis
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i own a home with my husband, if i file bankruptcy, will that effect my home & can they take my 401k?
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Old 03-07-2001, 12:11 PM
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You are allowed to exempt $96,000 in assets. This includes your home, vehicles you own, your 401k, and any other property such as jewelry, collections, etc. You cannot have any car payments and your vehicles cannot be worth more than $1000. If the value of your assets exceed the limit, you will be required to sell some assets and use the proceeds to pay down your debt.
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Old 03-07-2001, 12:40 PM
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401(k) accounts are protected from creditors by Federal law (ERISA). IRA accounts fall under state law, so their level of protection from creditors varies from state to state.
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