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Are 401(k) accounts exempt or considered part of bky esta=
Are the ERISA qualified? If so, then they are automatically exempt.
KEITH ALAN HIGGINBOTHAM
Pedro Mayser, Office Manager
THE LAW OFFICES OF KEITH ALAN HIGGINBOTHAM
255 S. Grand Avenue, Suite #2109
Los Angeles, CA 90012-3045
Phone: 213.620.0176
Facsimile: 213.613.1200
HigginbothamLaw@aol.com
To: cdcbaa@yahoogroups.com
Sent: Tue, Dec 15, 2009 11:26 pm
Subject: [cdcbaa] Are 401(k) accounts exempt or considered part of bky estate?
I have a PC looking to file Chapter 7. He has substantial assets which wiped out all wildcard exemptions. Left unprotected are two 401(k) accounts, one with Merrill Lynch under Employee Savings Plan for $24k, and second with Principal Financial Group with vested balance of $6.5k and ending balance of $8.5k. Given his total debt of over $400k, I need to find out whether his 401(k) accounts are part of the bky estate, and if so, whether they are fully exempt. If the 401(k)'s are not part of the bky estate, I still need to list them, right?
Thanks for your help.
Jake
Are the ERISA qualified? If so, then they are automatically exempt.
KEITH ALAN HIGGINBOTHAM
Pedro Mayser, Office Manager
THE LAW OFFICES OF KEITH ALAN HIGGINBOTHAM
255 S. Grand Avenue, Suite #2109
Los Angeles, CA 90012-3045
Phone: 213.620.0176
Facsimile: 213.613.1200
HigginbothamLaw@aol.com
To: cdcbaa@yahoogroups.com
Sent: Tue, Dec 15, 2009 11:26 pm
Subject: [cdcbaa] Are 401(k) accounts exempt or considered part of bky estate?
I have a PC looking to file Chapter 7. He has substantial assets which wiped out all wildcard exemptions. Left unprotected are two 401(k) accounts, one with Merrill Lynch under Employee Savings Plan for $24k, and second with Principal Financial Group with vested balance of $6.5k and ending balance of $8.5k. Given his total debt of over $400k, I need to find out whether his 401(k) accounts are part of the bky estate, and if so, whether they are fully exempt. If the 401(k)'s are not part of the bky estate, I still need to list them, right?
Thanks for your help.
Jake
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