Claimed Lawyer ProfileQ&A
- Foreclosure Defense
- Personal Injury
- Arbitration & Mediation
- Business Law
Jurisdictions Admitted to Practice
6 Questions Answered
- Q. Do I put the amount that shows in my 401K or the amount I am able to withdraw on Schedule A/B?
- A: All assets have to be listed at full value regardless of your intention to deal with it. Most likely it can be exempted, that is not included in the bankruptcy process, but the answer can only be determined by a thorough review of all assets, liabilities and cash flow. If you have a substantial asset to protect, you should consult an experienced bankruptcy lawyer. Good Luck.
- Q. If I have 110,000 in a 401k is that exempt and how do I put it on the form
- A: Basically you have to list the asset and exempt it on Schedule C for a chapter 7. This is a fundamental issue in bankruptcy law. With this amount of money at stake you should consult with a bankruptcy attorney. Other bankruptcy chapters may require different treatment. Good Luck.
- Q. I am a silent partner in an llc. I only own 1.85 percent of the business. Can I file chapter 7
- A: Whenever you prepare and file a bankruptcy petition and related documents you must list all assets and debts. Your share of the LLC is an asset. Depending on the value of your share, you may be able to exempt it from being liquidated and distributed to your creditors. This one of the issues that requires careful analysis, it is not always easy to value such an interest. An experienced lawyer should be able to help with your options. Good Luck.
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