I’ve had to take money out of my retirement several times to pay for house repairs unexpected bills etc if my retirement money is exempt shouldn’t I be safe ?
Safe how? Safe outside of chapter 7? Safe inside chapter 7? 401k money is generally not subject to creditor attachment or garnishment either inside or outside chapter 7. 401k money that is withdrawn may, in certain states, become subject to creditor attachment. You have to be careful. Don't proceed without a thorough consultation with a local bankruptcy attorney in your area.
ALL INFORMATION GIVEN ON THIS SITE IS GENERAL IN NATURE AND FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSTITUTE LEGAL ADVICE. NO ATTORNEY/CLIENT RELATIONSHIP IS CREATED BY PARTICIPATION ON THIS SITE. Legal advice ONLY comes after a complete review of the facts and relevant documents and an express written agreement of representation that forms an attorney-client relationship. Neither of these two events does or can occur in this forum. Answers to any Avvo question are rooted in general legal principles - NOT your state's or commonwealth’s specific laws or regulations. There is no implied or actual attorney-client relationship arising from this educational exchange. You should speak with an attorney licensed in your state or commonwealth, to whom you have provided all the facts, before you take steps (or refrain from taking steps) that may affect your legal rights. ATTORNEY ADVERTISING -- Prior Results Do Not Guarantee a Similar Outcome.
In Illinois, you can claim an unlimited exemption for qualified retirement accounts like 401ks. So yes, your 401k account is safe from liquidation in Chapter 7.
It is safe within the context that the bankruptcy estate allows for complete exemptions of qualified retirement plans like a 401(k). So you get to keep it as far as a bankruptcy goes.
Years licensed, work experience, educationLegal community recognition
Peer endorsements, associations, awardsLegal thought leadership
Publications, speaking engagementsDiscipline