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My friend is filing for Ch7
He has a primary residence that is exempted up to 500K in equity in his state (he doesn't have anywhere near that in equity - maybe 50K)
He also has a SMALL 401(k) 15K thru his employer (home depot)
However - they left the company 5 months ago.... gave the option to keep the money in the 401K. He didn't want to roll it over to an IRA or transfer it before filing...
The Bankrupcy lawyer he met with said because he is not working for the compant - the 401K is NOT protected and is essentially CASH.
Instructed him to roll it over to an IRA immediatly then come back.
His electricity is about to be turned off for non-payment.... he wanted to file bankrucpy... but doesnt want to loose the 401K.
Home Depot is their own custodian for the 401K.... they have a 14 days waiting period for 'security' before they will take the rollover instructions... then the rollover check can be mailed so he is looing at 14 days + 7-10 for mail... to put it in the new IRA as a DIRECT rollover.
Every Law I lookup says as long as the plan in ERISA qualified (which a 401K is... )its protected...
Anyone ever hear about a 401K being taken in a BK if you dont currently work for that company (he is on unemployment)... I mean im sure the attorney nows his stuff... but it contradicts everything I have read...
What state?
Generally, retirement accounts are exempt.
DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!
I would find another lawyer