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Thomas Lee Watkins's Answers

Thomas Lee Watkins
Banning Bankruptcy Attorney.
Contributor Level 5

1

Attorney answers:

  1. Thomas Lee Watkins

Is a tax-deferred annuity protected in bankruptcy?

Asked by a user in Anaheim, CA - over 2 years ago.

The tax deferred annuity must qualify under the Internal Revenue Code sections 401(a) 403(a) 403(b) or 408A. Generally if there is a penalty for early withdrawal then the plan qualifies and is exempt. Most retirement accounts are exempt. The overall exemption states that "... to extent reasonably necessary for the support of the debtor ..." I would talk to an attorney to be safe.

5

Attorney answers:

  1. Thomas Lee Watkins
  2. Andrew Daniel Myers
  3. Dorothy G Bunce
  4. Mitchell Paul Goldstein

If i have a judgment against me for 3,400.00 and file bankruptcy, will the judgment stop?

Asked by a user in Crossville, TN - 12 months ago.

The automatic stay when the bankruptcy is filed would stay all collection actions with a few exceptions, such as for support obligations.

2

Attorney answers:

  1. Thomas Lee Watkins
  2. Andrew Daniel Myers

If there is no mortage involved and you own your home free and clear if you file bankruptcy can the home be seized for payment ?

Asked by a user in Oklahoma City, OK - almost 2 years ago.

I am not familiar with Oklahoma law. However, I believe that most states allow for the protection/exemption of property from collection. In addition, I know you are allowed to exempt property in a bankruptcy, however the amounts vary from state to state and often times consider family status. I would consult an attorney the fee for the consultation is often minimal and sometimes there is no charge