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Is my 401k protected if I file for bankruptcy?

May 24, 2012 by Edward from Rio Rancho, NM in  |  Flag
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Hi Edward- your 401(k) qualified retirement plan assets are protected under the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 from personal bankruptcy. Under this act all tax-exempt retirement plan accounts including 401(k) plans, traditional IRAs, Roth IRAs, 403(b) plans, 457(b) plans, SEPs, and SIMPLE plans), are protected from an employee's creditors in the event of bankruptcy. There are some monetary limitations ($1 million) with Tradtional IRA's

Comment   |  Flag   |  May 24, 2012 from Torrance, CA

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