f I’m in Chapter13 and have a 403B from a old employer, can I cash it out?

UPDATED: Nov 9, 2014

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f I’m in Chapter13 and have a 403B from a old employer, can I cash it out?

Asked on November 9, 2014 under Bankruptcy Law, Wisconsin

Answers:

Greg Wiley / Law Office of Greg Wiley PLLC

Answered 8 years ago | Contributor

The answer is probably but state's and circuits vary.  You should contact your attorney to discuss of there are any issues.  It should be exempt property.  Regardless, it will trigger a taxable event.  You will pay taxes on the money and if you are in a Ch 13, you are likely under a tight budget already.  You shoul dhave an attorney so contact your attorney and ask what might happen froma bankruptcy standpoint.


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