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.
Max Lavit Rosenberg agrees with this answer
A: List it and the value on schedule c as an asset. You can most likely claim an exemption for it and protect it all, but bc of the amount of money involved you definitely want to consult a bankruptcy lawyer.
Max Lavit Rosenberg agrees with this answer
A: If you are not working with a bankruptcy attorney, you are misguided. Bankruptcy has a steep learning curve and too many moving parts for even a non-bankruptcy attorney to handle properly. You should consult with an attorney with a primary focus on bankruptcy like the attorneys who have answered you here. Its easy for us to tell you to schedule your asset on B and exempt on C and that you should have an unlimited exemption to cover it. Its another thing to explore every little idiosyncrasy etc. and every item in your petition. You do not want to make any mistakes. A good bankruptcy attorney will charge between 2000 and 2500 most likely. You would do well to explore those options. Otherwise its like trying to change your transmission without a mechanic and having no mechanical know-how. You will end up with a giant paperweight. Good luck.
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