Are my pensions, 401Ks, home, or car at risk if I file bankruptcy.

UPDATED: May 13, 2009

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Are my pensions, 401Ks, home, or car at risk if I file bankruptcy.

I was laid off and forced into retirement 11 months ago. I have been unable to find a new job. My severance package will run out next month. My unemployment will run out in November. I own a condo on which I owe more than it is worth. I have 30K in credit card debt. I cannot collect social security or my pensions for another year (age 62). If I file bankruptcy, am I in danger of losing my condo, car, social security, pension, 401K? I live in Los Angeles County, California.

Asked on May 13, 2009 under Bankruptcy Law, California


N. K., Member, Iowa and Illinois Bar / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

Exempt property (you can keep it) under bankruptcy includes your Social Security, pensions, and 401(k)s. You can keep the equity in your car and condo up to a certain value, if any.

Consult a California bankruptcy attorney so that you can protect your property.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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