Can I put money into a 401K to protect it from Chapter 7?

Get Legal Help Today

 Secured with SHA-256 Encryption

Can I put money into a 401K to protect it from Chapter 7?

I can only protect 20K for my Chapter 7 filing so can I put the maximum allowance into my 401K to protect it from the trustee and creditors?

Asked on August 27, 2012 under Bankruptcy Law, California

Answers:

Mark J. Markus / Mark J. Markus, Law Offices of

Answered 9 years ago | Contributor

As long as you're not contributing more than is allowed under IRS regulations, that should be fine.

Mark J. Markus, Attorney at Law
Certified Bankruptcy Law Specialist--State Bar of California Board of Legal Specialization
Handling exclusively bankruptcy law cases in California since 1991.
http://www.bklaw.com/
bankruptcy blog: http://www.bklaw.com/bankruptcy-blog/
Follow Me on Twitter:  @bklawr


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 AttorneyPages.com 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.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption