Are my pensions, 401Ks, home, or car at risk if I file bankruptcy.
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Are my pensions, 401Ks, home, or car at risk if I file bankruptcy.
I was laid off and forced into retirement 11 months ago. I have been unable to find a new job. My severance package will run out next month. My unemployment will run out in November. I own a condo on which I owe more than it is worth. I have 30K in credit card debt. I cannot collect social security or my pensions for another year (age 62). If I file bankruptcy, am I in danger of losing my condo, car, social security, pension, 401K? I live in Los Angeles County, California.
Asked on May 13, 2009 under Bankruptcy Law, California
Answers:
N. K., Member, Iowa and Illinois Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
Exempt property (you can keep it) under bankruptcy includes your Social Security, pensions, and 401(k)s. You can keep the equity in your car and condo up to a certain value, if any.
Consult a California bankruptcy attorney so that you can protect your property.
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