Sunday, March 03, 2013

Can my pension money be taken by a creditor or a bankruptcy trustee in a chapter 7 personal bankruptcy?

Pension money that is in a tax qualified pension plan such a Roth or IRA may be kept in a chapter 7 personal bankruptcy, provided that it does not exceed $1,171,650. Pension money is a 401(k), 403(b), SEP or a defined benefit plan, in any amount, is exempt in bankruptcy and may not be taken or seized by a bankuptcy trustee.

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