Phoenix, AZ asked in Bankruptcy for Arizona

Q: If I file bankruptcy, will they take the money from my 457 retirement account/deferred comp?

Also, via a QUADRO I have received additional money in a 457 account from my ex-husband, will they take that money? In sum, I have 2 different 457 is mine, the other is $ from my ex-husband. Thanks!

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1 Lawyer Answer
Leonard Sominsky
Leonard Sominsky
  • Bankruptcy Lawyer
  • Phoenix, AZ
  • Licensed in Arizona

A: Generally, Qualified Tax Deferred retirement plans such as IRA's, Roth's, SIMPLES, SEP and 401k's, are exempt from the bankruptcy estate and therefore not subject to being seized by the Trustee. To determine if your specific §457 plans are property of the estate, you would need to obtain documentation from the provider and have it reviewed by an experienced bankruptcy attorney.

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